A realtor in Arlington, Massachuserts, is analyzing the relationship between the

Question

A realtor in Arlington, Massachuserts, is analyzing the relationship between the sale price of a hame (Pice) its square footage (Sqft), the number of bedrooms (Beds), arid the number of bathrooms (Baths). She collects dats on 36 recent sales in Arlington in the hrst quarter ot ie tor the analysis The data is shown in table PriceSft Beds Baths 2 0 2,214 632 308 1,923 31,833280 689,000 2,200 3 2.0 3 0 3 25 3 5 5 2,1 645,000 2,524 5 0 2,3 620,000 2,436 718 055 57 535,000 947 83 000 224 3 2.0 2 5 2 5 379,333 2,175 46 0DD 2 730,000 ,149 425 732 273 3,964 44,000 1,301 511 DDD 1,752 714,000 2,418 693 DDD 2389 640,200 2,400 639 800 2310 451,000 1,605 628 333 2,167 431700 106 414 000 82 602,250 1,720 478 800 166O 330,000 1,344 475 000 159O 375,900 2,275 372 000 1005 459,375 1,590 356 500 1131 412,500 1,703 12.500 1,831 307,500 3 5 1 5 3.0 3.0 3.0 2.0 2.5 1.5 1.5 2.0 2.0 2.0 2.0 2.0 50 SOURCE http Neveng andmoves com a. Estimate the model Price-Ag + 1Sqf1+ 2Beds-B3Baths t E (Round Coefficients and Standard Error anawers to 2 decimal places. Round t Stat and p-value answers to 4 decimal placea.) Intercept Beds Batns b-1. Interpret the coeficient of Sqft. For every additional square toot, the predicted price of a home increases by $92 61 For every additional square foot, the predicted price of a home increases by $92 61, holding numiber of bedroomis and batirooms constant Anr every additional square toot, the predicted pnce ot a home increases by $92 61, holding square foot, number of bedroonms and bathrooms constant b-2. Intcrpret the coccicnt of Bcds For every additional bedroom, the predicted price of a home increases hy $11947 04 For every additional bedroom, the predicted price of home increases by S 11 947.04 holding number ot square teet and bathrooms constant or every additional bedroom the predicted price ofa home increases by $1194704 holding squarc Icct, number of bedrooms and bathrooms constant b3. Interpret the coetticient ot Baths For every additional bathroom, the predicted price of a home increases by $91,777.89. Forevery additional batroorn, the predicted price of a home increases by $91,777.89, holding number of square feet a nd bedrooms constant. For every additional bathroom. the predicted price of a home increases by $91,777.89, holding square toet, numher ot bedrooms and hathrooms constant c. Predict the price of a 1,957 square foot home with four bedrooms and three bathrooms. (Round intermediate coefficient values to 2 decimal places. Round your answer to 2 decimal places.) Price

Explanation / Answer

A realtor in Arlington, Massachuserts, is analyzing the relationship between the sale price of a hame (Pice) its square footage (Sqft), the number of bedrooms (Beds), arid the number of bathrooms (Baths). She collects dats on 36 recent sales in Arlington in the hrst quarter ot ie tor the analysis The data is shown in table PriceSft Beds Baths 2 0 2,214 632 308 1,923 31,833280 689,000 2,200 3 2.0 3 0 3 25 3 5 5 2,1 645,000 2,524 5 0 2,3 620,000 2,436 718 055 57 535,000 947 83 000 224 3 2.0 2 5 2 5 379,333 2,175 46 0DD 2 730,000 ,149 425 732 273 3,964 44,000 1,301 511 DDD 1,752 714,000 2,418 693 DDD 2389 640,200 2,400 639 800 2310 451,000 1,605 628 333 2,167 431700 106 414 000 82 602,250 1,720 478 800 166O 330,000 1,344 475 000 159O 375,900 2,275 372 000 1005 459,375 1,590 356 500 1131 412,500 1,703 12.500 1,831 307,500 3 5 1 5 3.0 3.0 3.0 2.0 2.5 1.5 1.5 2.0 2.0 2.0 2.0 2.0 50 SOURCE http Neveng andmoves com a. Estimate the model Price-Ag + 1Sqf1+ 2Beds-B3Baths t E (Round Coefficients and Standard Error anawers to 2 decimal places. Round t Stat and p-value answers to 4 decimal placea.) Intercept Beds Batns b-1. Interpret the coeficient of Sqft. For every additional square toot, the predicted price of a home increases by $92 61 For every additional square foot, the predicted price of a home increases by $92 61, holding numiber of bedroomis and batirooms constant Anr every additional square toot, the predicted pnce ot a home increases by $92 61, holding square foot, number of bedroonms and bathrooms constant b-2. Intcrpret the coccicnt of Bcds For every additional bedroom, the predicted price of a home increases hy $11947 04 For every additional bedroom, the predicted price of home increases by S 11 947.04 holding number ot square teet and bathrooms constant or every additional bedroom the predicted price ofa home increases by $1194704 holding squarc Icct, number of bedrooms and bathrooms constant b3. Interpret the coetticient ot Baths For every additional bathroom, the predicted price of a home increases by $91,777.89. Forevery additional batroorn, the predicted price of a home increases by $91,777.89, holding number of square feet a nd bedrooms constant. For every additional bathroom. the predicted price of a home increases by $91,777.89, holding square toet, numher ot bedrooms and hathrooms constant c. Predict the price of a 1,957 square foot home with four bedrooms and three bathrooms. (Round intermediate coefficient values to 2 decimal places. Round your answer to 2 decimal places.) Price

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