Solution-Develop a regression model to predict selling price

Develop a regression model to predict selling price

Assignment Help Basic Statistics

Reference no: EM13857444

1) The following data give the selling price, square footage, number of bedrooms, and age of houses that have sold in a neighborhood in the past 6 months. Develop three regression models (in excel) to predict the selling price based upon each of the other factors individually. Which of these is best?

SELLING PRICE ($)	SQUARE FOOTAGE	BEDROOMS	AGE (YEARS)
84,000	1,670	2	30
79,000	1,339	2	25
91,500	1,712	3	30
120,000	1,840	3	40
127,500	2,300	3	18
132,500	2,234	3	30
145,000	2,311	3	19
164,000	2,377	3	7
155,000	2,736	4	10
168,000	2,500	3	1
172,500	2,500	4	3
174,000	2,479	3	3
175,000	2,400	3	1
177,500	3,124	4	0
184,000	2,500	3	2
195,500	4,062	4	10
195,000	2,854	3	3

2) Use the data in Problem 1 and develop a regression model to predict selling price based on the square footage and number of bedrooms. Use this to predict the selling price of a 2,000-square-foot house with 3 bedrooms. Compare this model with the models in Problem 1. Should the number of bedrooms be included in the model? Why or why not?

Reference no: EM13857444

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Develop a regression model to predict selling price

Reference no: EM13857444

Reference no: EM13857444

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