1. Use the following information and the following equation on houses in Kent, O
ID: 1203395 • Letter: 1
Question
1. Use the following information and the following equation on houses in Kent, OH Price-pi(Square Feet) + 2 (Bedrooms) + 3 (Bathrooms) + Error Variable Price Square Feet Bedrooms Bathrooms Coefficient Baseline S150,000 1500 35 15,000 17,000 2.5 (a) what is 1 equal to? (b) What is 2 equal to? (c) What is , equal to? (d) What is your best estimate for the price of a house in Kent that is exactly like the baseline house except that it has 4 bedrooms and 3 bathrooms? To receive full credit, you must SHOW YOUR WORK.Explanation / Answer
a. B1 = 35
b. B2 = 15,000
c. B3 = 17,000
d Price = B1(square feet) + B2(Bedroms) + B3(Bathrooms)
Price = 35*1500 + 15,000*4 + 17,000*2.5
Price = 52,500 + 60,000 + 42,500 = 155,000
e
Price = B1(square feet) + B2(Bedroms) + B3(Bathrooms)
Squarefeet =1600, Bedrooms = 4 , Bathrooms = 3.5
Price = 35*1600 + 15000*4 + 17000*3.5
= 56000 + 60000 + 59500
= 175,500
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