8.

This dataset shows actual home sales data from New Orleans, circa 2005. Estimate a regression to answer the following.

Each square foot increase in home size is associated with a _____________ dollar increase home price. Round your answer to two decimal places.

Data on Potentially Related Variables for Randomly Selected Homes

Price Home_Size Lot_Size Number_Rooms Number_Baths

$72,000 600 0.50 3 1.0

$116,300 1050 0.43 5 1.5

$152,000 1800 0.68 7 1.5

$80,500 922 0.30 5 1.0

$141,900 1950 0.75 8 2.5

$124,000 1783 0.22 8 1.5

$117,000 1008 0.50 6 1.0

$165,900 1840 1.16 8 2.0

$153,500 3700 1.10 10 3.0

$126,500 1092 0.26 6 1.0

$122,000 1950 0.50 7 1.5

$140,000 1403 0.50 6 2.0

$223,000 1680 14.37 8 2.0

$99,500 1000 0.49 4 1.0

$211,900 2310 0.46 8 2.5

$121,900 1300 0.78 6 1.0

$169,000 1930 3.00 9 3.0

$156,000 3000 0.50 11 2.5

$123,500 1362 0.40 7 2.0

$136,000 1750 0.50 7 2.0

$194,900 2080 1.00 8 2.5

$128,500 1344 0.94 6 2.0

$302,000 2130 11.91 8 1.5

$142,000 1500 0.41 7 1.0

$146,000 2400 0.40 7 2.5

$180,000 2272 0.41 9 2.5

$126,500 1050 1.00 5 1.0

$139,500 1610 0.45 8 1.5

$124,900 1248 0.22 7 1.0

$133,000 2000 0.50 8 2.0

$110,000 1450 0.30 6 2.0

$118,500 1248 0.25 7 1.0

$194,500 2544 0.28 9 2.5

$269,900 2500 0.92 8 3.0

$169,900 2858 0.79 9 3.0

$190,000 1745 0.58 7 2.5

$203,000 2653 1.80 9 3.0

$144,900 1450 0.30 7 1.0

$94,000 850 0.11 4 1.0

$139,900 1839 2.60 7 1.5

$183,000 2016 0.78 8 2.5

$135,000 1625 0.36 7 1.5

$132,000 2000 0.11 8 2.0

$181,500 2250 0.33 9 2.5

$136,000 1300 0.30 7 1.0

$164,000 1956 0.50 8 2.5

$162,000 2496 0.75 9 2.5

$141,000 1575 0.25 7 1.5

$196,800 1960 1.33 8 2.5

$125,000 1200 0.33 5 1.0

$127,500 1296 0.50 9 1.0

$267,000 1950 18.70 7 2.5

$285,000 2516 8.10 7 2.5

$131,000 1066 0.33 5 1.0

$163,500 2276 1.00 8 2.5

$133,000 1908 0.46 7 2.0

$150,000 1122 3.09 5 2.0

$141,000 3500 1.00 10 2.5

$133,000 1100 0.33 6 1.0

$190,000 2300 5.63 7 2.5

$125,900 1118 0.56 7 1.5

$189,900 2464 0.43 8 2.5

$155,000 2100 0.58 8 1.5

$142,500 1552 0.46 6 1.5

$137,900 1856 0.33 7 1.5

$130,000 1800 0.30 7 1.5

$117,000 1248 0.30 6 1.0

$180,500 2000 0.60 9 2.5

$162,500 1848 0.50 7 2.5

$108,000 1036 0.95 6 1.0

$170,000 2277 0.80 8 3.0

$156,000 2300 0.65 7 3.0

$187,000 2080 1.23 8 2.5

$150,000 1600 1.84 7 2.0

$165,000 2680 0.50 9 3.0

$119,000 1200 0.25 7 1.0

$135,500 1526 0.30 7 1.5

$145,900 1680 0.50 6 1.5

$126,000 1232 0.31 6 2.0

$205,406 2465 1.55 8 2.5

$185,500 2800 1.68 9 1.5

$195,000 2265 0.85 8 2.5

$125,000 1300 0.65 5 1.0

$160,000 1900 1.00 8 2.5

$96,000 864 0.32 4 1.0

$142,000 2000 0.75 9 1.5

$145,000 1800 0.66 8 2.5

$151,500 1900 0.75 7 2.0

$150,000 1564 0.33 6 2.0

$265,000 2400 2.00 7 2.0

$116,000 1100 1.10 6 1.0

$135,000 1800 1.00 8 2.5

$129,000 1200 0.33 6 1.0

$108,500 1540 0.18 7 2.0

$164,900 1980 0.70 8 2.5

$110,000 1289 0.25 6 1.0

$154,000 1800 0.68 7 2.0

$134,000 1502 0.35 7 1.5

$160,000 2025 1.10 7 2.0

$220,000 3000 1.15 10 3.5

$126,500 1500 0.50 7 1.5

$126,500 1600 0.26 8 1.5

$158,000 1500 0.54 5 2.5

$172,000 2100 1.00 8 2.5

$215,000 2100 0.50 8 2.5

$141,900 1632 3.00 6 3.0

$89,900 1660 0.21 7 1.0

$129,900 1070 1.69 5 1.0

$135,000 1400 0.35 6 2.0

$135,000 1800 0.50 7 2.0

$122,500 1100 0.37 7 1.0

$235,000 3150 0.30 11 4.0

$134,500 2000 0.70 8 1.0

$126,500 1700 0.30 8 2.0

$180,000 1800 1.52 8 2.5

$127,500 1850 0.26 9 2.0

$165,000 2320 0.40 8 2.5

$97,000 1300 0.37 5 1.0

$100,000 1338 0.12 6 1.0

$208,000 2288 1.20 8 2.5

$182,000 2400 0.50 8 2.5

$175,000 2400 0.70 8 3.0

$144,900 1900 0.44 6 2.0

$177,000 2010 0.68 8 1.5

$231,750 2981 1.30 10 3.5

$165,000 1725 1.53 8 2.5

$78,000 821 2.30 4 1.0

$179,000 3060 0.75 8 2.0

$85,000 875 0.26 5 1.0

$160,000 1760 0.05 7 2.0

$141,000 2000 0.65 7 1.0

$185,000 2600 0.75 8 2.0

$113,500 1624 1.80 7 1.5

$190,000 2473 1.25 9 2.5

$107,000 1100 0.17 5 1.0

$217,000 3100 0.54 10 3.5

$194,500 2300 0.91 8 2.5

$152,000 1450 0.30 6 1.5

$210,000 2100 0.50 8 2.5

$140,000 1650 0.50 8 2.5

$120,500 1600 0.40 6 2.0

$179,900 2790 0.75 13 2.5

$152,500 1786 0.30 8 2.0

$159,000 1728 0.50 8 1.5

$168,500 1900 1.06 7 2.5

$98,000 1165 0.12 6 1.0

$117,500 1300 0.29 6 1.0

$115,000 1080 0.31 5 1.0

$275,000 2820 1.00 9 2.5

$190,000 2100 1.30 8 1.5

Question

8.

This dataset shows actual home sales data from New Orleans, circa 2005. Estimate a regression to answer the following.

Each square foot increase in home size is associated with a _____________ dollar increase home price. Round your answer to two decimal places.

Data on Potentially Related Variables for Randomly Selected Homes

Price	Home_Size	Lot_Size	Number_Rooms	Number_Baths
$72,000	600	0.50	3	1.0
$116,300	1050	0.43	5	1.5
$152,000	1800	0.68	7	1.5
$80,500	922	0.30	5	1.0
$141,900	1950	0.75	8	2.5
$124,000	1783	0.22	8	1.5
$117,000	1008	0.50	6	1.0
$165,900	1840	1.16	8	2.0
$153,500	3700	1.10	10	3.0
$126,500	1092	0.26	6	1.0
$122,000	1950	0.50	7	1.5
$140,000	1403	0.50	6	2.0
$223,000	1680	14.37	8	2.0
$99,500	1000	0.49	4	1.0
$211,900	2310	0.46	8	2.5
$121,900	1300	0.78	6	1.0
$169,000	1930	3.00	9	3.0
$156,000	3000	0.50	11	2.5
$123,500	1362	0.40	7	2.0
$136,000	1750	0.50	7	2.0
$194,900	2080	1.00	8	2.5
$128,500	1344	0.94	6	2.0
$302,000	2130	11.91	8	1.5
$142,000	1500	0.41	7	1.0
$146,000	2400	0.40	7	2.5
$180,000	2272	0.41	9	2.5
$126,500	1050	1.00	5	1.0
$139,500	1610	0.45	8	1.5
$124,900	1248	0.22	7	1.0
$133,000	2000	0.50	8	2.0
$110,000	1450	0.30	6	2.0
$118,500	1248	0.25	7	1.0
$194,500	2544	0.28	9	2.5
$269,900	2500	0.92	8	3.0
$169,900	2858	0.79	9	3.0
$190,000	1745	0.58	7	2.5
$203,000	2653	1.80	9	3.0
$144,900	1450	0.30	7	1.0
$94,000	850	0.11	4	1.0
$139,900	1839	2.60	7	1.5
$183,000	2016	0.78	8	2.5
$135,000	1625	0.36	7	1.5
$132,000	2000	0.11	8	2.0
$181,500	2250	0.33	9	2.5
$136,000	1300	0.30	7	1.0
$164,000	1956	0.50	8	2.5
$162,000	2496	0.75	9	2.5
$141,000	1575	0.25	7	1.5
$196,800	1960	1.33	8	2.5
$125,000	1200	0.33	5	1.0
$127,500	1296	0.50	9	1.0
$267,000	1950	18.70	7	2.5
$285,000	2516	8.10	7	2.5
$131,000	1066	0.33	5	1.0
$163,500	2276	1.00	8	2.5
$133,000	1908	0.46	7	2.0
$150,000	1122	3.09	5	2.0
$141,000	3500	1.00	10	2.5
$133,000	1100	0.33	6	1.0
$190,000	2300	5.63	7	2.5
$125,900	1118	0.56	7	1.5
$189,900	2464	0.43	8	2.5
$155,000	2100	0.58	8	1.5
$142,500	1552	0.46	6	1.5
$137,900	1856	0.33	7	1.5
$130,000	1800	0.30	7	1.5
$117,000	1248	0.30	6	1.0
$180,500	2000	0.60	9	2.5
$162,500	1848	0.50	7	2.5
$108,000	1036	0.95	6	1.0
$170,000	2277	0.80	8	3.0
$156,000	2300	0.65	7	3.0
$187,000	2080	1.23	8	2.5
$150,000	1600	1.84	7	2.0
$165,000	2680	0.50	9	3.0
$119,000	1200	0.25	7	1.0
$135,500	1526	0.30	7	1.5
$145,900	1680	0.50	6	1.5
$126,000	1232	0.31	6	2.0
$205,406	2465	1.55	8	2.5
$185,500	2800	1.68	9	1.5
$195,000	2265	0.85	8	2.5
$125,000	1300	0.65	5	1.0
$160,000	1900	1.00	8	2.5
$96,000	864	0.32	4	1.0
$142,000	2000	0.75	9	1.5
$145,000	1800	0.66	8	2.5
$151,500	1900	0.75	7	2.0
$150,000	1564	0.33	6	2.0
$265,000	2400	2.00	7	2.0
$116,000	1100	1.10	6	1.0
$135,000	1800	1.00	8	2.5
$129,000	1200	0.33	6	1.0
$108,500	1540	0.18	7	2.0
$164,900	1980	0.70	8	2.5
$110,000	1289	0.25	6	1.0
$154,000	1800	0.68	7	2.0
$134,000	1502	0.35	7	1.5
$160,000	2025	1.10	7	2.0
$220,000	3000	1.15	10	3.5
$126,500	1500	0.50	7	1.5
$126,500	1600	0.26	8	1.5
$158,000	1500	0.54	5	2.5
$172,000	2100	1.00	8	2.5
$215,000	2100	0.50	8	2.5
$141,900	1632	3.00	6	3.0
$89,900	1660	0.21	7	1.0
$129,900	1070	1.69	5	1.0
$135,000	1400	0.35	6	2.0
$135,000	1800	0.50	7	2.0
$122,500	1100	0.37	7	1.0
$235,000	3150	0.30	11	4.0
$134,500	2000	0.70	8	1.0
$126,500	1700	0.30	8	2.0
$180,000	1800	1.52	8	2.5
$127,500	1850	0.26	9	2.0
$165,000	2320	0.40	8	2.5
$97,000	1300	0.37	5	1.0
$100,000	1338	0.12	6	1.0
$208,000	2288	1.20	8	2.5
$182,000	2400	0.50	8	2.5
$175,000	2400	0.70	8	3.0
$144,900	1900	0.44	6	2.0
$177,000	2010	0.68	8	1.5
$231,750	2981	1.30	10	3.5
$165,000	1725	1.53	8	2.5
$78,000	821	2.30	4	1.0
$179,000	3060	0.75	8	2.0
$85,000	875	0.26	5	1.0
$160,000	1760	0.05	7	2.0
$141,000	2000	0.65	7	1.0
$185,000	2600	0.75	8	2.0
$113,500	1624	1.80	7	1.5
$190,000	2473	1.25	9	2.5
$107,000	1100	0.17	5	1.0
$217,000	3100	0.54	10	3.5
$194,500	2300	0.91	8	2.5
$152,000	1450	0.30	6	1.5
$210,000	2100	0.50	8	2.5
$140,000	1650	0.50	8	2.5
$120,500	1600	0.40	6	2.0
$179,900	2790	0.75	13	2.5
$152,500	1786	0.30	8	2.0
$159,000	1728	0.50	8	1.5
$168,500	1900	1.06	7	2.5
$98,000	1165	0.12	6	1.0
$117,500	1300	0.29	6	1.0
$115,000	1080	0.31	5	1.0
$275,000	2820	1.00	9	2.5
$190,000	2100	1.30	8	1.5

Accepted Answer

The independent variable is Home Size.
The dependent variable is Price.
We have to write the…