A real estate agent wishes to determine the selling price of

A real estate agent wishes to determine the selling price of residences usingthe size (square feet), and whether the residence is a condominium or asingle-family home. A sample of 20 residences was obtained with thefollowing 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

 

Where,

F: Single-Family Home

C: Condomnium Residence

 

a. Produce a regression equation to predict the selling price for residencesusing a model of the following form: (2 marks)

b. Interpret the parameters β1, and β2 in the model given in part a. (2 marks)

c. Produce an equation that describes the relationship between the sellingprice and the square footage of (1) condominiums and (2) single-familyhomes. (3 marks)

d. Conduct a test of hypothesis to determine if the relationship between theselling price and the square footage is different between condominiumsand single-family homes. (3 marks)

 

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