Heres a regression model relating the logValue of the annual Maine lobster catch to the number of
Question:
a) The number of licensed lobster fishers has fluctuated over the years between roughly 5000 and 10,000. Recently the number has been just over 7000. But licenses are in demand (and tightly restricted). What does this model predict the value of the catch would be in a year if there were 10,000 licensed fishers? (Take care to interpret the coefficient correctly and to compute the inverse of the log transformation.)
b) Interpret the slope coefficient. Do more fishers cause a higher valued harvest? Suggest alternative explanations.
Transcribed Image Text:
Dependent variable s: LogValue R squa red-17.6% s-0.2752 with 28-2 26 degrees of freedom Vrable Coefficient SE(Coeff) t-ratio P-value Intercept 0.94028 Fishers 8720e4 0.0001 2.35 0.0265 0.5120 13. 0.0001
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Related Book For
Business Statistics
ISBN: 9780321925831
3rd Edition
Authors: Norean Sharpe, Richard Veaux, Paul Velleman
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