A real estate agent wishes to determine the selling price of

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Reference no: EM13801891

A real estate agent wishes to determine the selling price of residences using the size (square feet), and whether the residence is a condominium or a single-family home. A sample of 20 residences was obtained with the following results:

x 233 10 24 56 78 102 90 200 344 120 y 245 12 22 56 90 103 85 190 320 120 Price ($) Type Square Feet

199,700 F 1,500

211,800 C 2,085

197,100 F 1,450

228,400 F 1,836

215,800 F 1,730

190,900 C 1,726

312,200 F 2,300

313,600 C 1,650

239,000 F 1,950

184,400 C 1,545

200,600 C 1,375

208,000 C 1,825

210,500 F 1,650

233,300 F 1,960

187,200 C 1,360

185,200 C 1,200

284,100 F 2,000

207,200 F 1,755

258,200 F 1,850

203,100 F 1,630

F: Single-Family Home

C: Condomnium Residence

a. Produce a regression equation to predict the selling price for residences using a model of the following form,

Where,

b. Interpret the parameters β1, and β2 in the model given in part a.

c. Produce an equation that describes the relationship between the selling price and the square footage of (1) condominiums and (2) single-family homes.

d. Conduct a test of hypothesis to determine if the relationship between the selling price and the square footage is different between condominiums and single-family homes.

Reference no: EM13801891

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