A researcher studies a sample of 7,500 individuals who considered going on a trip to Eastern...

 

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A researcher studies a sample of 7,500 individuals who considered going on a trip to Eastern Europe last year; some individuals did go on the trip while some did not. The average cost of a trip to Eastern Europe is $120 a day, per individual. Let C/S denote an individual's cost to savings ratio and let y be a binary variable that takes the value 1 if the individual goes on a trip to Eastern Europe, and 0 otherwise. The researcher estimates the probability that an individual goes on a trip through the following regression equation: Pr[Y=11(C/S)] = [2.6-4.2(C/S)]. (0.76) (0.95) Standard errors are given in parentheses. Jack, who has savings of $3,200, is considering going backpacking through Eastern Europe for 15 days. The probability that Jack will go backpacking through Eastern Europe is (Round your answer to two decimal places.) The researcher adds another regressor to his regression equation - whether or not a friend accompanies an individual planning to go backpacking through Eastern Europe. The new regression equation estimated by the researcher is: %. Pr[Y= 11(C/S)p] = [2.6-4.2(C/S)p+1.92F]. (0.76) (0.95) (0.62) where (C/S), is the ratio of total cost to total pooled savings of the two individuals for this trip and F is a binary variable that takes the value 1 when a friend agrees to accompany and pool their resources with the individual planning the trip, and 0 otherwise. Standard errors are given in parentheses. Suppose Jack plans to invite his friend Daniel to join him on the 15 day trip. Daniel has savings of $5,500. If Daniel agrees to accompany Jack, they could use a total of $4,000 from their combined savings for this trip. The probability that Jack goes backpacking through Eastern Europe when he is accompanied by Daniel is %. (Round your answer to two decimal places.) A researcher studies a sample of 7,500 individuals who considered going on a trip to Eastern Europe last year; some individuals did go on the trip while some did not. The average cost of a trip to Eastern Europe is $120 a day, per individual. Let C/S denote an individual's cost to savings ratio and let y be a binary variable that takes the value 1 if the individual goes on a trip to Eastern Europe, and 0 otherwise. The researcher estimates the probability that an individual goes on a trip through the following regression equation: Pr[Y=11(C/S)] = [2.6-4.2(C/S)]. (0.76) (0.95) Standard errors are given in parentheses. Jack, who has savings of $3,200, is considering going backpacking through Eastern Europe for 15 days. The probability that Jack will go backpacking through Eastern Europe is (Round your answer to two decimal places.) The researcher adds another regressor to his regression equation - whether or not a friend accompanies an individual planning to go backpacking through Eastern Europe. The new regression equation estimated by the researcher is: %. Pr[Y= 11(C/S)p] = [2.6-4.2(C/S)p+1.92F]. (0.76) (0.95) (0.62) where (C/S), is the ratio of total cost to total pooled savings of the two individuals for this trip and F is a binary variable that takes the value 1 when a friend agrees to accompany and pool their resources with the individual planning the trip, and 0 otherwise. Standard errors are given in parentheses. Suppose Jack plans to invite his friend Daniel to join him on the 15 day trip. Daniel has savings of $5,500. If Daniel agrees to accompany Jack, they could use a total of $4,000 from their combined savings for this trip. The probability that Jack goes backpacking through Eastern Europe when he is accompanied by Daniel is %. (Round your answer to two decimal places.)

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