Question: I conducted a simple logistic regression to predict whether someone would buy a car based solely on whether or not they had previously owned the

I conducted a simple logistic regression to predict whether someone would buy a car based solely on whether or not they had previously owned the same make of vehicle. It turns out that it is a significant predictor. The odds ratio was 3.5. Which of the following statements is true?

a. The likelihood that you will purchase a given make of vehicle is 3.5 times higher if you've previously owned that make.

b. The odds of you buying a given make of vehicle is 35% higher if you previously owned that make of vehicle.

c. This odds ratio was miscalculated, that is an impossible value.

d. You are 2.5 times more likely to buy a certain make of vehicle if you've previously owned one.

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 Mathematics Questions!

1.I conducted a simple logistic regression to predict whether someone would buy a car based solely on whether or not they had previously owned the same make of vehicle. It turns out that it is a...

Ashford 5: - Week 4 - Assignment Principles of Effective Intervention There are four general principles of effective intervention that have become organizing concepts of community corrections. They...

1.True or False: The linear model used in Multiple Regression appears as the exponent in the predicted probability equation of Logistic Regression. 2.If your outcome is a continuous numerical...

3 COLLEGE ALGEBRA - TRIGONOMETRY Business and Finance (MAT115) This course will start with a review of basic algebra (factoring, solving linear equations, and equalities, etc.) and proceed to a study...

MRKT 310 Principles of Marketing Strategic Marketing & Value for the Customer Please use the service offering below; Lyft PRODUCT CHOICE & CONTENT Your focus will be on the domestic, or U.S....

Providing a point-form summary for each case CASE 1 - Supreme Court ofCanada Lambert v. Lastoplex Chemicals, [1972] S.C.R. 569 Date: 1971-12-20 Edison Howard Lambert and Elizabeth Helen Lambert...

Chapter 9 from Business Law and the Legal Environment was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 license without attribution as requested...

Administrative Law 5 A dministrative law governs and defines the powers of government agencies. A number of political and technological factors have led to an explosion in the growth of government...

3. Assume that Mrs. Ivorys real income will not change over the next sixteen years. Use the mean real income from question 1 to determine projected real income for the future sixteen years of Mrs....

Summary of an Article 1 Each student is assigned a specified article and pages. Each student submits a typed written summary and analysis of the assigned article and pages by Nov. 5, 2013, at the...

A friend has informed you of an opportunity for a part-time job that you are considering accepting during your last semester before graduation. It would start at the beginning of your last semester...

Munoz Company began operations on January 1, year 1, by issuing common stock for $33,000 cash. During year 1, Munoz received $55,900 cash from revenue and incurred costs that required $36,900 of cash...

Are programs that help specific groups of entrepreneurs, such as the SBA program that helps minority- and womanowned businesses, fair to those who dont qualify? Explain your answer. (You can read...

LeRoy Chicken Enterprises advertises lite chicken with 30 percent less calories. The process average of the distribution for lite chicken breasts is 500 calories, with a standard deviation of 25...

The first-hand information rule: If an event is communicated to us by someone who witnessed an event at first-hand, we will have more confidence in the information than if we were told about it by...

The background knowledge of the interpreter

The expert rule: We have more confidence in information presented by someone who is an expert in the field than by someone who is not.