Home / Questions / 1) The following data give the selling price, square footage, number of bedrooms, and age of houses
1) The following data give the
selling price, square footage, number of bedrooms, and age of houses that have
sold in a neighborhood in the past 6 months. Develop
three regression models (in excel) to predict the selling price based upon each
of the other factors individually. Which of these is best?
SELLING PRICE ($)
SQUARE FOOTAGE
BEDROOMS
AGE (YEARS)
84,000
1,670
2
30
79,000
1,339
2
25
91,500
1,712
3
30
120,000
1,840
3
40
127,500
2,300
3
18
132,500
2,234
3
30
145,000
2,311
3
19
164,000
2,377
3
7
155,000
2,736
4
10
168,000
2,500
3
1
172,500
2,500
4
3
174,000
2,479
3
3
175,000
2,400
3
1
177,500
3,124
4
0
184,000
2,500
3
2
195,500
4,062
4
10
195,000
2,854
3
3
2) Use the data in Problem 1 and develop a regression model to predict selling price based on
the square footage and number of bedrooms. Use
this to predict the selling price of a 2,000-square-foot house with 3 bedrooms.
Compare this model with the models in Problem 1. Should the number of bedrooms
be included in the model? Why or why not?
Apr 27 2020 View more View Less
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