Suppose that, in a particular city, a regression of prices of homes sold in the prior year (price) on the number of bedrooms (bedrooms) and square feet (sqft) yields the following regression model: a....

Suppose that, in a particular city, a regression of prices of homes sold in the prior year (price) on the number of bedrooms (bedrooms) and square feet (sqft) yields the following regression model:

a. Interpret the coefficient estimate on sqft.

b. If a home had 2 bedrooms and was 1500 square feet, what would the predicted price be?

c. If that home had a selling price of $170,000, what would be the residual?

d. How would you interpret the residual?

e. What is a possible reason for the residual being what it is?