What other factors about a house affect the price

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Reference no: EM13740853

The following equation relates housing price (price) to the distance from a recently built garbage incinerator (dis).

log( price) = 9.40 + 0.312log(dist)

n = 135 , R^2 = 0.162

a. Interpret the coefficient on log(dist). Is the sign of this estimate what you expect it to be?

b. Do you think simple regression provides an unbiased estimator of ceteris paribus elasticity of price with respect to dist? (Think about the city’s decisions on where to put the incinerator).

c. What other factors about a house affect the price? Might these be correlated with distance from the incinerator?

Reference no: EM13740853

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