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Develop a regression model to predict selling price

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Reference no: EM13857444

1) 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 (in excel) to predict the selling price based upon each of the other factors individually. Which of these is best?

SELLING PRICE ($)

SQUARE FOOTAGE

BEDROOMS

AGE (YEARS)

84,000

1,670

2

30

79,000

1,339

2

25

91,500

1,712

3

30

120,000

1,840

3

40

127,500

2,300

3

18

132,500

2,234

3

30

145,000

2,311

3

19

164,000

2,377

3

7

155,000

2,736

4

10

168,000

2,500

3

1

172,500

2,500

4

3

174,000

2,479

3

3

175,000

2,400

3

1

177,500

3,124

4

0

184,000

2,500

3

2

195,500

4,062

4

10

195,000

2,854

3

3

2) Use the data in Problem 1 and develop a regression model to predict selling price based on the square footage and number of bedrooms. Use this to predict the selling price of a 2,000-square-foot house with 3 bedrooms. Compare this model with the models in Problem 1. Should the number of bedrooms be included in the model? Why or why not?

Reference no: EM13857444

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