Square footage of the house-age of the house

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Reference no: EM131107849

Jenny Wilson is the owner and broker of a real estate company in Montgomery, Alabama. This company is known as Jenny Wilson Realty. for her real esate company, Ms. Wilson wants to develop a regression model to explain the selling price (SP) for a house based on the size of the house measured in terms of the square footage of the house (SF), and the age of the house (AGE). For her analysis, Ms. Wilson gathers the data shown below.

Selling Price (SP) in $ Square Footage (SF) Age

95,000 1,926 30

119,000 2,069 40

124,800 1,720 30

135,000 1,396 15

142,800 1,706 32

145,000 1,847 38

159,000 1,950 27

165,000 2,323 30

182,000 2,285 26

183,000 3,752 35

200,000 2,300 18

211,000 2,525 17

215,000 3,800 40

219, 000 1,740 12

1. In this study which is the dependent variable?

2. In this study which variables are the independent or explanatory variables?

3. Write an equation to show the relationship between the dependent and independent variables. Use symbols given for the different variables to do this.

4. What method of technique would you use in order to estimate the unknown coefficients (or parameters) in the equation specified for question 3 above?

Reference no: EM131107849

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