03 Jun Question Data on 880 houses sold in Stockton, CA,
Question
Data on 880 houses sold in Stockton, CA, during mid-2005 shows the housing price, square feet area, number of beds, number of baths, age of the house, number of stories, and a dummy variable to proxy vacancy (=1 if vacant, 0 if it is not vacant). Use the “Stockton Housing Data” to answer the following questions:
a) Estimate the following regression model:
PRICE = ?1 + ?2SQFT + ?3AGE + ?4BEDS + ?5BATHS + ?6STORIES + ?7VACANCY + e
b) Interpret and test the statistical significance of each coefficient at 5% level.
c) Test the hypothesis (at 5% level of significance) that an additional bedroom increases housing price by
$2000.
d) Using the houses that were vacant at the time of sale, test the hypothesis (at 5% level of significance)
that the value of an additional square foot of living area is more than or equal to $80.
e) Construct a 95% interval estimate for ?4 using (i) the full sample, (ii) houses vacant at the time of sale,
and (iii) occupied at the time of sale.
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