A real estate consultant is planning to develop an array of pricing models for residential houses in different areas of the province of Ontario, in Canada. The data set, provided by the Windsor and Essex County Real Estate Board, covers the sales of residential houses in Windsor. She runs a regression analysis in order to estimate the price (in Canadian dollars) as a linear function of the lot size (in square feet) and receives the following output from Excel.a) Write down the regression equation.b) Predict the price for lot size = 4000. Round your answer to two-decimal places.c) Interpret the coefficient of lot size.

a) Write down the regression equation. b) Predict the price for klot size = 4000. Round your answer to two-decimal places. c) Interpret the coefficient of lot size. SUMMARY OUTPUT Regression Statistics Multiple R 0.53580413 R Square 0.28708607 Adjusted R Square 0.28577556 Standard Error 41101.9362 Observations 546 ANOVA df SS MS F Significance F Regression 1 3.70082E+11 3.7008E+11 219.065461 6.74643E-42 Residual 544 9.19017E+11 1689369158 Total 545 1.2891E+12 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 62171.5874 4537.036582 13.7031268 6.2969E-37 53259.33066 71083.8441 LOTSIZE 12.0187669 0.81203165 14.8008601 6.7464E-42 10.42366523 13.6138685