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# 5. [10 points] Kiel and McClain (1995) collected data on houses sold in Andover, Massa- chusetts...

## Question

###### 5. [10 points] Kiel and McClain (1995) collected data on houses sold in Andover, Massa- chusetts... 5. [10 points] Kiel and McClain (1995) collected data on houses sold in Andover, Massa- chusetts during 1988. The following equation relates housing price to the distance from a garbage incinerator that was built in the late 1980s. log(price) 9.40 0.312 log (dist) n=135, R2= 0.162. (a) [4 points] Interpret the coefficient on log(dist). Is the sign of this estimate what you would expect it to be? affect the price? ceteris paribus elasticity of price with respect to dist? (c) [3 points] Do you think that this regression provides an unbiased estimator of the

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