You want to examine how the median housing price (in dollars) in a community is related to the average lot size (square-feet) of houses in the...

You want to examine how the median housing price (in dollars) in a community is related to the average lot size (square-feet) of houses in the community.

1. a) Suppose you want to estimate the percent change in median housing price when you increase the average lot size by one square-foot. Write out the regression model you would use, assuming that there is an intercept.
2. b) Write out the formula for your estimate of the effect in part (a).
3. c) If we had instead reported median housing price in thousands of dollars and average lot size
4. in square-inches, write out the formula for your new estimate of the effect in part (a) and compare it to your formula in part (b).