Model Summary Adjusted R Error Of The Model H R Square Square Estimate 894 759 T

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Question:

We are examining the factors that affect the selling price of a house. We collect data for sample of 27 houses. For each house we record the “Selling price” (1 unit= €1000) and the “Size of house” (1 unit= 1 square meter, m2).

  1. Write the final estimated model and interpret the coefficients.
  2. Is the final model better than the model which included only the Size of the House as an independent variable? Explain.
  3. Using your model, estimate the selling price of a house that has size 300 square meters, it has 3 bedrooms, it is 10 years old and it has 2 bathrooms.

Model SummaryAdjusted R.Stu. Error of theModelHR SquareSquareEstimate894759TES103. TTEGBANOVAModelSum of SquaresF10Mean Squaresig .Regression943063. 769235765.94221. 892000’Residual236931. 19422TOTES. 600Total1 175994. 96326CoefficientsStandardizedUnstandardized CoefficientsCoefficientsModelBSto . ErrorBetsSig .( Constant )420. 254231. 730182857Size. 304. D60. 6655. 083. 000Bedrooms2363. 657. DOT065. 949AGE6. 8382. 822-. 3:462.652015Bathrooms17. 10635.585. 052481. 535

 
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