LMU ECON HW Regression Answer O

LMU ECON HW Regression Answer O. 1-7 based on information below: The estimated regression equation below shows the relationship between the eventual sell) price IP of a house in thousands of S) and the prior appraised value (APV-- in thousands of Si in New Orleans. The regression was estimated based an information from a sample of 230 houses. R=,6544 9 = 96.0 - 1.269*X + 1.03431 (0293) D-values in parentheses Answer the following questions: 1. What would be required to change this into a multiple non-linear regression equation? ["No change required' is also a permitted answer 2. Between the two variables mentioned in the description, what would represent the X (Independent) variable? 3. According to the equation, if the APV is 100, the expected sell price? Be careful of the units for your answer. Show all work. 4. Explain the value of the slope term e specific and include units 5. If the R' had been 7329 instead, would this have been a better or worse result? Explain briefly but use the context of who'stands for. 6. In the dataset/sample, suppose there are 50 houses that have an APV of 150. Would you expect the sell prices of these houses to be the same? Why ar why not? Answer from a regression perspective and in terms of the nature of the dataset, not in terms of this particular exemple, as such. 7. If the significance level is 2%, is the coefficient for X statistically significant? Elaborate on your answer, showing step by step how you arrived at it, but be sure to explain wht statistical signifikance means first.