4-24 Use the data in Problem 4-22 and develop a regres- sion model to predict selling price based on the square footage, number of bedrooms, and age. Use this to predict the selling price of a 10-year-old, 2,000-square-foot house with three bedrooms. 2:4-22 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 to pre- dict the selling price based upon each of the other factors individually. Which of these is best? SELLING SQUARE PRICE ($) 84,000 79,000 91,500 120,000 127,500 132,500 145,000 164,000 155,000 168,000 172,500 174,000 175,000 177.500 184,000 195.500 195,000 FOOTAGE BEDROOMS 1,670 1,339 1,712 1,840 2,300 2,234 2,311 2,377 2,736 2,500 2,500 2,479 2,400 3,124 2,500 4,062 2,854 2 2 3 3 3 3 3 3 4 3 4 3 3 4 3 4 3 AGE (YEARS) 30 25 30 40 18 30 19 7 10 1 3 3 1 0 2 10 3

4-24 Use the data in Problem 4-22 and develop a regres- sion model to predict selling price based on the square footage, number of bedrooms, and age. Use this to predict the selling price of a 10-year-old, 2,000-square-foot house with three bedrooms. 2:4-22 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 to pre- dict the selling price based upon each of the other factors individually. Which of these is best? SELLING SQUARE PRICE ($) 84,000 79,000 91,500 120,000 127,500 132,500 145,000 164,000 155,000 168,000 172,500 174,000 175,000 177.500 184,000 195.500 195,000 FOOTAGE BEDROOMS 1,670 1,339 1,712 1,840 2,300 2,234 2,311 2,377 2,736 2,500 2,500 2,479 2,400 3,124 2,500 4,062 2,854 2 2 3 3 3 3 3 3 4 3 4 3 3 4 3 4 3 AGE (YEARS) 30 25 30 40 18 30 19 7 10 1 3 3 1 0 2 10 3

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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