A MLR model is built to predict the Sales Price of a home (Y) from: Assessed Value (X1) Whether the home has a fireplace (X2) - yes or no  The MLR model is: Y=3126.67 + 1.34*X1 + 537.76*X2 What does the 537.76 tell you?

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A MLR model is built to predict the Sales Price of a home (Y) from:

Assessed Value (X1)

Whether the home has a fireplace (X2) - yes or no

 The MLR model is:

Y=3126.67 + 1.34*X1 + 537.76*X2

What does the 537.76 tell you?

 

Expert Solution
Introduction

If a regression line has one independent variable it is known as simple linear regression. If the regression line has more then one independent variable it is known as multiple linear regression. Each regression line has only one dependent variable. These equations are used to predict the variable based on the effect. 

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