Linear Regression

Read the following paper and discuss your understanding of Multiple Linear Regression based on the questions below:

Asabere, P. K. (1991). Zoning and industrial land values: The case of Philadelphia. Real Estate Economics, Journal of American Real Estate and Urban Economics, 19(2), 154-160.

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  1. Share your understanding of the problem and the hypothesis in your own words. Discuss what type of data this ( quantitative-continuous) and the model used.
  2. Identify which variables are categorical and which variables are numeric. Calculate the estimated value of the plot of land for the following condition:

A residential lot of size 5000 sq ft that is situated 1 mile from the highway in a neighborhood that has no abandoned houses and a median income of $20, 000. The time of sale is 10 months. Discuss your findings and how to decide which model is right for your data.