Question: 4. Using your results from question 3, answer the following questions. (a) What is the R2 value? What does this say in the context of

4. Using your results from question 3, answer the following questions. (a) What is the R2 value? What does this say in the context of the scenario? ('0) Interpret each of the relationships between consumption expenditure and the indepen dent variables. In the occurence of a linear and quadratic term, be sure to interpret both terms jointly and not separately. (c) Test the following hypothesis: For every $1 increase in income on average, a household will increase their consumption expenditure by MORE THAN $0.30. Be sure to state the null and alternative hypotheses, the pvalue of the test, and your conclusion
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
