Use the data in HPRICE1 to estimate the following modelprice = 0β + 1βsqrft + 2βbdrms + 3βlotsize + u, where price is the house price measured in dollars. (i) Report your estimation result in an equation form.(ii) What is the estimated increase in price for a house with one more bedroom, holding squarefootage and lot size constant?(iii) What is the estimated increase in price for a house with an additional bedroom that is 300square feet in size (holding lot size constant)? Compare this to your answer in part (ii).(iv) What percentage of the variation in price is explained by square footage, number ofbedrooms and lot size?(v) The second house in the sample has sqrft = 2,076, bdrms = 3 and lotsize=9,903. Find thepredicted selling price for this house from the estimated model.(vi)The actual selling price of the second house in the sample was $370,000. Find the residualfor this house. Does it suggest that the buyer underpaid or overpaid for the house?The Data File:No. of Observations: 88Variable names (the variable names are listed in the same order as they appear in the data file):1. priceprice, in dollars2. assessassessed value, in dollars3. bdrmsnumber of bedrooms4. lotsizesize of lot, square feet5. sqrftsize of house, square feet 6. colonial=1 if home is colonial style