# Question: Here s a regression model relating the logValue of the annual

Here’s a regression model relating the logValue of the annual Maine lobster catch to the number of licensed lobster Fishers since 1985:

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.

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.

## Answer to relevant Questions

Of course, what matters most to the individual entrepreneur—the licensed commercial lobster fisher—is the price of lobster. Here’s an analysis relating that price ($/lb) to the number of traps (millions) since 1950: a) ...Orange growers know that the larger an orange the higher the price it will bring. But as the number of oranges on a tree increases, the fruit tends to be smaller. Here’s a table of that relationship. Create a model for ...In the regression model of Exercise 3, a) What is the R2 for this regression? What does it mean? b) Why is the “Adjusted R Square” in the table different from the “R Square”? Consider the coefficient of Police Officer Wage in the regression table of Exercise 13. a) State the standard null and alternative hypotheses for the true coefficient of Police Officer Wage. b) Test the null hypothesis (at ...What is the financial impact of pollution abatement on small firms? The U.S. government’s Small Business Administration studied this and reported the following model. Pollution abatement>employee = -2.494 - 0.431 Ln(Number ...Post your question