Question: You need to develop a model to predict the selling price of houses in a small city, based on assessed value, time in months since

You need to develop a model to predict the selling price of houses in a small city, based on assessed value, time in months since the house was reassessed, and whether the house is new (0 = no, 1 = yes). A sample of 30 recently sold single-family houses that were reassessed at full value one year prior to the study is selected and the results are stored in House1. Develop the most appropriate multiple regression model to predict selling price. Be sure to perform a thorough residual analysis. In addition, provide a detailed explanation of the results.

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Let Y selling price 1000 X 1 assessed value 1000 X 2 1 if new 0 otherwise X 3 time period Based on a full regression model involving all of the variab... View full answer

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