Interpret the meaning of the slopes

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Reference no: EM1319280

Interpret the meaning of the slopes of the given multiple regression equation

Suppose the regression equation that has been used to estimate the value of existing homes is as follows;

Value = 10,000 + 50 * X₁ + 5 * X₂ + 10,000 * X₃

Where;

X₁ is square feet of livable area

X₂ is the size of the lot measured in square feet

X₃ is an indicator variable for the presence of a pool (1 if yes, 0 if no

Interpret the meaning of the slopes of this equation.

Reference no: EM1319280

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