A real estate expert wanted to find the relationship between the sale price of houses and...
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A real estate expert wanted to find the relationship between thesale price of houses and various characteristics of the houses. Hecollected data on five variables, recorded in the table, for 12houses that were sold recently. The five variables arePrice: Saleprice of a house in thousands of dollars. Lot Size: Size of the lotin acres. Living Area: Living area in square feet. Age: Age of ahouse in years. Type of house: town house (T) or Villa (V) PriceLot Size Living Area Age Type of house
Price 255 178 263 127 305 164 245 146 287 189 211 123
Lot Size1.4 0.9 1.8 0.7 2.6 1.2 2.1 1.1 2.8 1.6 1.7 0.5
Living area 2500 2250 2900 1800 3200 2400 2700 2050 2850 26002300 1700
Age 8 12 5 24 10 18 9 28 13 9 8 11
Type of the house T T T T T T T V V V V V
Find the regression equation for the town house e) Find theregression equation for the Villa f) What is the price of a townhouse with a lot size of 1.3, living area of 1800, and is 7 yearsold?
A real estate expert wanted to find the relationship between thesale price of houses and various characteristics of the houses. Hecollected data on five variables, recorded in the table, for 12houses that were sold recently. The five variables arePrice: Saleprice of a house in thousands of dollars. Lot Size: Size of the lotin acres. Living Area: Living area in square feet. Age: Age of ahouse in years. Type of house: town house (T) or Villa (V) PriceLot Size Living Area Age Type of house
Price 255 178 263 127 305 164 245 146 287 189 211 123
Lot Size1.4 0.9 1.8 0.7 2.6 1.2 2.1 1.1 2.8 1.6 1.7 0.5
Living area 2500 2250 2900 1800 3200 2400 2700 2050 2850 26002300 1700
Age 8 12 5 24 10 18 9 28 13 9 8 11
Type of the house T T T T T T T V V V V V
Find the regression equation for the town house e) Find theregression equation for the Villa f) What is the price of a townhouse with a lot size of 1.3, living area of 1800, and is 7 yearsold?
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