Data were collected from a random sample of 270 home sales from a community in 2003. Let Price denote the selling price (in $1,000), BDR denote the number of bedrooms, Bath denote the number of bathrooms, Hsize denote the size of the house (in square feet), Lsize denote the lot size (in square feet), Age denote the age of the house (in years), and Poor denote a binary variable that is equal to 1 if the condition of the house is reported as "poor."
An estimated regression yields:

(Price)^ = 121.6 + 0.495 BDR + 23.9 Bath + 0.159 Hsize + 0.002 Lsize + 0.092 Age - 49.8 Poor, R² = 0.73, SER = 42.3.

(a) Suppose that a homeowner converts part of an existing family room in her house into a new bathroom. What is the expected increase in the value of the house?
(b) Suppose that a homeowner adds a new bathroom to her house, which increases the size of the house by 100 square feet. What is the expected increase in the value of the house?
(c) What is the loss in value if a homeowner lets his house run down so that its condition becomes "poor"?
(d) Compute the R² for the regression.

Suppose a firm faces a fixed price of output, 푝푝= 1200. the firm hires workers from a union at a daily wage, 푤푤, to produce output according to the production function 푞푞= 2퐸퐸12. there are 225 workers in the union. any union worker who does not work for this firm is guaranteed to find nonunion employment at a wage of $96 per day. a.what is the firm’s labor demand function? b.if the firm is allowed to choose 푤푤, but then the union decides how many workers to provide (up to 225) at that wage, what wage will the firm set? how many workers will the union provide? what is the firm’s output and profit? what is the total income of the 225 union workers? c.now suppose that the union sets the wage, but the firm decides how many workers to hire at that wage (up to 225). what wage will the union set to maximize the total income of all 225 workers? how many workers will the firm hire? what is the firm’s output and profit? what is the total income of the 225 union workers? [hint: to maximize total income of union, take the first order condition with respect to w and set equal to 0.]

Differentiate between the trait, behavioral, and results-based performance appraisal systems, providing an example where each would be most applicable.

Under t, the point (0,2) gets mapped to (3,0). t-1 (x,y) →