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Find the price that this model estimates

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Reference no: EM131036288

A house in a nearby neighborhood has 5 bedrooms and 1500 square feet of living area. Use the following multiple regression model to answer parts a through c below.

Price=21,111.77-7428.83 Bedrooms + 94.09 Living area.

a) Find the price that this model estimates.

b) The house just sold for $291,000 Find the residual corresponding to this house.

c) What does that residual say about this transaction?

Reference no: EM131036288

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