Interpret the meaning of the slopes of the given multiple regression equation.
Assume the regression equation that has been used to estimate value of existing homes is as follows;
Value = 10,000 + 50 * X1 + 5 * X2 + 10,000 * X3
Where;
X1 is square feet of livable area
X2 is size of the lot measured in square feet
X3 is an indicator variable for the presence of a pool (1 if yes, 0 if no
Interpret the meaning of the slopes of this equation.