Reference no: EM131770003

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: 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: 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.