Attached Gretl file contains information on some characteristics of individual houses and the prices at which they sold (the data are neither Australian nor recent, as you can tell by looking at the prices). Your task is to provide answers to 2 questions:
(a). An examination of the means of variables in the data set suggests that houses with more bedrooms tend to be more expensive than houses with fewer bedrooms. However, it also suggests that houses with more bedrooms tend to be built on larger lots, which may explain their generally higher prices. For a fixed lot size, does the number of bedrooms have a positive impact on the average market price of houses with a fixed set of other characteristics?
(b). By how much does the average price of a house increase if the lot size is increased by 1 square foot, with all other characteristics held constant (you should indicate the uncertainty of your estimate).
