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Interpret the meaning of the slopes of the given multiple regression equation.

Assume the regression equation that has been used to estimate value of existing homes is as follows;

Value = 10,000 + 50 * X1 + 5 * X2 + 10,000 * X3
Where;

X1 is square feet of livable area

X2 is size of the lot measured in square feet

X3 is an indicator variable for the presence of a pool (1 if yes, 0 if no

Interpret the meaning of the slopes of this equation.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M919925

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