A real estate expert was interested in developing a regressi

A real estate expert was interested in developing a regression model that relates the selling price (in thousand of dollars) of properties to characteristics of the properties.  Data were available on 30 properties that were sold recently.  The expert developed a long list of possible explanatory variables.  After a careful screening, it was decided that the following four characteristics should be considered.Variable Description x1 Property taxes (annual taxes in dollars)x2 House size (floor area in square feet)x3 Lot size (in acres) x4 Attractiveness Index Regression Analysis: Selling Price versus Taxes, House, Lot, AttractThe regression equation isSelling Price = 11.8 – 0.0233 Taxes + 0.109 House + 44.4 Lot + 2.99 AttractPredictor        Coef     SE Coef          T        PConstant        11.83       66.32       0.18    0.860Taxes        -0.02331     0.02056      -1.13    0.268House         0.10948     0.02442       4.48    0.000Lot             44.40       21.76       2.04    0.052Attract        2.9926      0.6589       4.54    0.000S = 32.13       R-Sq = 72.1%     R-Sq(adj) = 67.7%Analysis of VarianceSource            DF          SS          MS         F        PRegression         4       66827       16707     16.18    0.000Residual Error    25       25815        1033Total             29       92641(a) Write out the GENERAL MLR model for this problem.(no numbers just Letters:  Beta β0,, β1… and X1 ,  X2….)(b) Write out the estimated (least-squares) regression line for this problem.(c) Use the estimated regression line to predict the average selling price of 2900 square-foot homes on a 2.5-acre lot with $6000 in annual property taxes and an attractive index of 45.(d) Interpret the b3 slope estimate in terms of this problem.(e) If you Calculate the 95% confidence interval for 2 as shown below (f) What is the correlation coefficient?(g) What percentage of variation in selling price is explained by the multiple linear regression model using taxes, house size, lot size, and attractiveness as predictors?


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