[See Steps] QUESTION: A real estate agency collects the data displayed in the table below concerning: y : Sales price of a house (in thousands of dollars)
QUESTION: A real estate agency collects the data displayed in the table below concerning:
y : Sales price of a house (in thousands of dollars)
x 1 : Home size (in hundreds of square feet)
x 2 : Rating on a scale from 1 (worst) to 10 (best), and provided by the real estate agency.
| Price, y | Size, x 1 | Rating, x 2 |
| 180 | 23 | 5 |
| 98.1 | 11 | 2 |
| 173.1 | 20 | 9 |
| 136.5 | 17 | 3 |
| 141 | 15 | 8 |
| 165.9 | 21 | 4 |
| 193.5 | 24 | 7 |
| 127.8 | 13 | 6 |
| 163.5 | 19 | 7 |
| 172.5 | 25 | 2 |
- Produce the scatter plots or matrix plot, and interpret the possible relations between all variables.
- Solve the first-order model, i.e., y = 0 + 1 x 1 + 2 x 2 + . By setting =0.05, is the model appropriate? Are the predictors significant?
- Suppose that you want to buy a house, and you have found one having 2000 square feet and a rating of 8. If the price of this house were $178,000, would you buy it? Explain.
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