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Market and assessed values for properties

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Instructions: Prepare your answers using Excel and show your work to get full or partial credit.Using the file Properties.xlsx which contains information about market and assessed values for some properties in the city of Plano, answer the following questions (Value 8 points):a) Run a bivariate regression that will explain house pricing (dependent variable) based on the number of bedrooms. Show the Excel output and write the equation.b) What is the R-squared? Explain its meaningc) Run a new regression that will explain house pricing based on the number of bedrooms and the assessed value of the property. Write the equation, and compare with the equation of part a)d) What is the R-squared for this regression? why is this different than the one estimated in part b)e) Are the coefficients statistically significant at the 95% confidence level?f) Interpret the coefficients.g) Which of these two models is better?h) Using the output for part c), explain the Anova table using the notation discussed in class.

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