A run a linear regression of hp on mi r and v and obtain a

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Reference no: EM13577199

The table below contains average house prices, median income, average monthly rent and percentage of flats that are vacant in a given city.

House price

(HP)

Median Income (MI)

Rent

(R)

Vacant (V)

90

22

392

10

101

23

402

9

63

24

394

12

89

19

345

15

99

22

406

11

112

25

455

8

82

22

315

23

78

18

330

20

97

24

370

12

86

18

368

16

88

21

335

14

100

20

412

8

99

21

380

10

134

25

442

6

88

20

306

20

77

17

322

23

97

23

357

13

97

22

366

10

116

23

441

8

107

20

422

7

84

19

345

16

77

18

339

15

129

27

444

7

76

18

305

18

95

20

375

11

Answer the following questions using the data in the table

a. Run a linear regression of HP on MI, R and V and obtain a regression summary output.

b. What is the equation of the regression line?

c. Interpret the constant term and the slope coefficients in the context of the model

d. Evaluate the overall fit of the model using the adjusted R2

e. Find the error for predicting house price with median income, rent and vacant of 23, 441 and 8, respectively.

Reference no: EM13577199

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