[Simple Regression on House Price] Consider the following model you wish to estimate by using the OLS, Price = a + B sqrft + ɛ, where price is the house price in thousands of dollars and sqrft is size of house in square feet. The OLS result from Excel is as follows (see below). What is the estimated increase in house price for a house if the house is bigger in size by 250 square feet?

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
0.787906548
0.616387387
Standard Error
63.61708058
Observations
88
ANOVA
df
S
MS
Significance F
Regression
1
569801.0753
569801.0753
140.7912919
8.42341E-20
Residual
86
348053.433
4047.132941
Total
87
917854.5083
Coefficients
Standard Error
t Stat
P-value
Lower 95%
Upper 95%
Intercept
X Variable 1 (sqrft)
11.20414482
24.74260761
0.452827972
0.651812965
-37.98253022
60.39081986
0.140210977
0.011816643
11.86555064
8.42341E-20
0.116720269
0.163701686
Transcribed Image Text:SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square 0.787906548 0.616387387 Standard Error 63.61708058 Observations 88 ANOVA df S MS Significance F Regression 1 569801.0753 569801.0753 140.7912919 8.42341E-20 Residual 86 348053.433 4047.132941 Total 87 917854.5083 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept X Variable 1 (sqrft) 11.20414482 24.74260761 0.452827972 0.651812965 -37.98253022 60.39081986 0.140210977 0.011816643 11.86555064 8.42341E-20 0.116720269 0.163701686
[Simple Regression on House Price] Consider the following model you wish to estimate by using
the OLS,
Price = a + B sqrft + ɛ,
where price is the house price in thousands of dollars and sqrft is size of house in square
feet. The OLS result from Excel is as follows (see below).
What is the estimated increase in house price for a house if the house is bigger in size by 250 square
feet?
Transcribed Image Text:[Simple Regression on House Price] Consider the following model you wish to estimate by using the OLS, Price = a + B sqrft + ɛ, where price is the house price in thousands of dollars and sqrft is size of house in square feet. The OLS result from Excel is as follows (see below). What is the estimated increase in house price for a house if the house is bigger in size by 250 square feet?
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