How to interpret coefficients in multi regression model like this?
ln(PRICE) = β1 + β2SQFT + β3AGE + β4AGE^2 + ε
This is log linear model , where dependent variable takes the form of LOG function and independent variables are unchanged , means as usual as are they .
B2 interpretation -This means that 1 unit rise in SQFT lead to B2 percentage change in price , keeping other factors constant .
B3 interpretation -This means that 1 Year rise in AGE lead to B3 percentage change in price , keeping other factors constant .
B4 interpretation -This means that 1 Year rise in AGE ^2 lead to B2 percentage change in price , keeping other factors constant .
B1 interpretation - This means that at zero level of all coefficients , still there is a price exist that is B1 .
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