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Interpret the coefficient on the number of rooms

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Reference no: EM133116569

Below you are given a partial computer output based on a sample of 30 observations relating the number of house sold by the property agencies per month. The value of the house (Y) was estimated. (Y), rooms (X1), the size of the lot (X2), and the number of bathrooms (X3).

Coefficient Standard Error

Constant 15232.5 7.865

X1 2178.4 3.282

X2 7.8 0.250

X3 2675 3.145

(a) Use the output shown above and write an equation that can be used to predict the value of the house sold.

(b) Interpret the coefficient on the number of rooms (X1).

(c) Estimate the value of a house that has 9 rooms, a lot with an area of 7,500, 2 bathrooms.

(d) State what could be the best null hypothesis for Question (b) above.

Reference no: EM133116569

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