24 A Realtor in Arlington, Massachusetts, is analyzing the relationship between the sale price of a home (Price in $), i

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24 A Realtor in Arlington, Massachusetts, is analyzing the relationship between the sale price of a home (Price in $), its square footage (Sqft), the number of bedrooms (Beds), the number of bathrooms (Baths), and a Colonial dummy variable (Colonial equals 1 if a colonial-style home, otherwise), She collects data on 36 sales in Arlington for the analysis. A portion of the data Is shown in the accompanying table, sints Price Soft Beds Baths Colonial 889,000 2,883 4 3.0 1 791,000 2,552 1 2.5 @ 8014237 268,000 995 1 1.0 Click here for the Excel Dato File a. Estimate the model Price + Be + BjSqft + B2Beds + B3Boths + Colonial + € (Negative values should be indicated by a minus sign. Round Coefficients to 2 decimal places.) Coefficients Intercept Soh Beds Baths Colonial

4 فيا 3 1 0 1 2 2.5 3 2 1 Nw 3 0 2 الينا 1 2 1 UN 1 0 3 1 mnm mmmm 3 1.5 2.5 1.5 1.5 2.5 1 IN inlinin 4 0 3 3 1 0 13 1 3 2 4 2 3 1.5 3.5 2 2.5 0 1 3 4 2883 2552 2189 2415 2836 2372 2954 2301 2049 1867 2235 3141 1835 1633 3121 1910 1612 1583 1820 1838 1631 1886 1262 1899 1173 1055 1296 1367 1066 2446 1173 1467 1547 1254 1567 995 w Unii 1 4 3 0 0 0 2 889000 3 791000 4 728000 5 711000 6 649000 7 622000 8 593000 9 610000 10 583000 11 580000 12 623000 579000 14 575000 15 518000 16 535000 17 493000 18 545000 19 551000 20 476000 21 457000 22 426000 23 457000 24 457000 25 386000 26 455000 27 425000 28 350000 29 373000 30 401000 31 408000 32 359000 33 327000 34 365000 35 354000 36 372000 37 268000 38 39 40 41 42 43 44 0 4 1 3 2 4 3 2 3 2 1.5 1.5 1.5 3 4 2 1 1 0 O 1 0 0 0 4 4 3 1 2 1 4 1 3 3 1 1 1 1 1 1 1 2 1 1 0 0 0

b.1. Interpret the coefficient of beds. For each additional bedroom in a house, the average price of a house is expected to decrease by $2,365, all else constant. For each additional bedroom in a house, the average price of a house is expected to increase by $2,365, all else constant As the price of a house decreases by $2,365, the house is expected to have one less bedroom, all else constant As the price of a house decreases by $2,365, the house is expected to have one more bedroom, all else constant. b-2. Interpret the coefficient of colonial. All else constant, the price of a colonial-style house is, on average $21,047 less than a non-Colonial style. All else constant, the price of a colonial-style house is, on average, $21,047 more than a non-Colonial style. All else constant, the price of a colonial-style house is, on average, $158,706 less than a non-Colonial style. All else constant, the price of a colonial-style house is, on average, $158,706 more than a non-Colonial style house. c. Predict the price of a 2,500 square-foot, colonial-style home with three bedrooms and two bathrooms (Do not round intermediate calculations. Round final answer to the nearest whole number) Price