Answer Happy

A realtor in a suburb outside of Chicago is analyzing the relationship between the sale price of a home (Price in $), its square footage (Sqft), the number of bedrooms (Beds), and the number of bathrooms (Baths). She collects data on 36 recent sales. A portion of the data is shown in the accompanying table. Price 672,000 822,000 Sqft 2,214 2,500 Beds 3 4 Baths 3.0 2.5 461, 250 1,275 2 1.0 Click here for the Excel Data File a. Estimate the model Price = Bo + B15qft + B2Beds + B3Baths + E. (Round Coefficients to 2 decimal places.) Coefficients Intercept Sqft Beds Baths

b-1. Interpret the coefficient of sqft. O For every additional square foot, the predicted price of a home increases by $78.90. O For every additional square foot, the predicted price of a home increases by $78.90, holding number of bedrooms and bathrooms constant. O For every additional square foot, the predicted price of a home increases by $78.90, holding square foot, number of bedrooms and bathrooms constant. b-2. Interpret the coefficient of beds. O For every additional bedroom, the predicted price of a home increases by $27,136.38. O For every additional bedroom, the predicted price of a home increases by $27,136.38, holding square footage and number of baths constant. O For every additional bedroom, the predicted price of a home increases by $27136.38, holding square foot, number of bedrooms and bathrooms constant. b-3. Interpret the coefficient of baths. For every additional bathroom, the predicted price of a home increases by $109,341.94. O For every additional bathroom, the predicted price of a home increases by $109,341.94, holding square footage and number of bedrooms constant. O For every additional bathroom, the predicted price of a home increases by $109,341.94, holding square foot, number of bedrooms and bathrooms constant.

c. Predict the Price of a 2,423 square-foot home with three bedrooms and two bathrooms. (Do not round intermediate calculations. Round your final answer to the nearest whole number.) Predicted Price