Question: Coefficient output from the model to predict owner satisfaction is shown below. Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 494.234 89.618

Coefficient output from the model to predict owner satisfaction is shown below. Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 494.234 89.618 5.515 0.000 305.156 683.311 Price 0.857 1.149 0.746 0.466 -1.567 3.282 Range 0.603 0.279 2.163 0.045 0.015 1.191 FuelEconomy 0.160 0.675 0.237 0.816 -1.264 1.584 The unit of owner satisfaction (the response variable) is points. Which of the following is the best interpretation of the coefficient on range? Question 13 options: As range increases by 1 mile, owner satisfaction increases by 0.603 points. As range increases by 0.603 miles, owner satisfaction increases by 1 point, on average and all else constant. As range increases by 0.279 miles, owner satisfaction increases by 1 point, on average and all else constant. As range increases by 1 mile, owner satisfaction increases by 0.603 points, on average and all else constant

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!