The United States exports a substantial amount of scrap iron and steel to Japan and other countries.

For the House Selling Prices OR data set, when we regress y = selling price (in thousands)

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QUESTION:

For the House Selling Prices OR data set, when we regress y = selling price (in thousands) on x1 = house size and x2= condition (1 = Good, 0 = Not Good), we get the results shown. Regression of selling price of a house in thousands versus house size and condition

a. Report the regression equation. Find and interpret the separate lines relating predicted selling price to house size for good condition homes and for homes in not good condition.

b. Sketch how selling price varies as a function of house size, for homes in good condition, and for homes in not good condition.

c. Estimate the difference between the mean selling price of homes in good and in not good condition, controlling for house size?


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