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Question 6 [15 marks in total] A real estate agent (Agent X) working in Melbourne claims that they are experts in selling units and that they can deliver selling prices for units that are higher than any other competing real estate agent working in the Melbourne housing market. (i) Explain how you would design an experiment to test this causal claim. Is the experiment you have proposed feasible to conduct? [3 marks] (ii) Instead of the experiment outlined in (i), consider investigating the claim of Agent X by using the available observational data that includes information on the selling agent. Take a subsample from the Melbourne data that corresponds to the 1,931 unit sales (type = 3) and estimate the regression, price = Bo + BAX + u, where AX is a dummy variable that is equal to one when the sale is made by Agent X and zero otherwise. The results from this regression are given below: price = 583.8 + 55.2AX (6.1) (18.7) n = 1931, R2 = .005, standard errors in (.). Interpret these results and explain how they are consistent with the claim made by Agent X. [3 marks] (iii) Identify the potential problems associated with the approach in (ii) by contrasting it with the experiment you described in (i). [3 marks] (iv) Consider extending the regression model by adding in other control variables to form a new model: price = Bo + BAX + B2bed + 83bathroom + BAcar + Bsdistance + BY17 + u Explain why it would be preferable to use this model rather than the model in (ii) as an alternative approach to testing the claim that Agent X can deliver selling prices for units that are higher than any other competing real estate agent. Does this approach address all the problems you identified in (iii)? [3 marks] (v) The results from the extended regression model are given below: price= 68.3 + 32.4AX + 174.5bed + 149.4bathroom +78.3car-12.1distance+ 24.5Y17 (18.7) (14.7) (8.3) (12.3) (9.9) (1.3) (12.5) n = 1931, R= = .405, standard errors in (.). Use these results to evaluate the claim made by Agent X. How do you interpret the difference in results here compared to those in part (ii) using the basic model? [3 marks]