1. If the number of residents had not been constant, would this variable have affected the model?...
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Question:
- 1. If the number of residents had not been constant, would this variable have affected the model? If yes, how? If no, why not?
- 2. What is the equation of the sample regression line?
- 3. Use the p-value for the F statistic to test to see if the model as a whole is statistically significant at the 1 percent level of significance . Show all of your work.
- 4. Use the p-values for the parameter estimates to test to see if the four estimated slope parameters are statistically significant at the 1 percent level of significance . Show all of your work.
- 5. What is the interpretation of coefficients bc, d, and e?
- 6. What percent of the total variation in the good's sales is explained by the model? From where did you get this information?
- 7. If PRICE = INCOME = SubPrice = ComPrice = 0 what is the value of SALES ? Show all of your work.
- 8. What value do you predict SALES will take if PRICE=\$9.10INCOME=\$26.700 , SubPrice = $ 10.50 and ComPrice=\$1.20 ?
- 9. Using the information in 8, compute price elasticity of demand , income elasticity of demand , and the two cross -price elasticities of demand . What do the elasticities in 9 indicate about elasticity of demand for the good , the impact of income on the sale of the good and the type of good , the impact of the cross - price elasticity of SubPrice on the sale of the good , and the cross - price elasticity of ComPrice on the good.
Related Book For
Applied Statistics For Public And Nonprofit Administration
ISBN: 9781285737232
9th Edition
Authors: Kenneth J. Meier, Jeffrey L. Brudney, John Bohte
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