Repressions of priee of housing on many other faetors yielded the following equa

Question

Repressions of priee of housing on many other faetors yielded the following equations. prce Model 1 Model Estimate Stand Error Estimate Stand Error 140070 1 12673 253 0,02287 0.00097 0,02274 0,00098 305.1 4.910 25,064.990 3792 4621 12070 13854 687.238678 300.2 2142 3757 7456 2266 27 voms 8302 arhs 35173 Nethoow 618 35760 epne 16046 420 15075 4238 Warephont 20399 7520 28505 7551 Pool 10136 7048 60452 0.76035 1069 7163 3861 raditional SER 60538 0,7592 r1071 where - sale price in dollars - total square feet prwe bedroomms number of bedrooms baths age Owner = l if ovner occupied at sale," o if vacant or tenant Pool Traditional 1 if traditional style; 0 if other (townhouse, contemporary, etc.) Pireplace 1 if fireplace present Waterfront 1 if on waterfront number of full baths age in years - 1 if pool present (5) Based on model 1, what is the interpretation of the coefficient on Fireplace? Be as complete and specific as possible. 1)

Explanation / Answer

Based on model 1 the coefficient on Fireplace = 16046

Now since this coefficient is highly positive, we can say that houses with a fireplace present have a much higher price on average than houses with no fireplace.

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