You want to determine the variables that influence bus usage in major American cities. For 24 cities, the following data are listed in the file P11_55.xlsx:
• Bus travel (annual, in thousands of hours)
• Income (average per capita income)
• Population (in thousands)
• Land area (in square miles)
a. Use these data to fit the multiplicative equation Bus Travel
• Bus travel (annual, in thousands of hours)
• Income (average per capita income)
• Population (in thousands)
• Land area (in square miles)
b. Are all variables significant at the 5% level?
c. Interpret the estimated values of β1, β2, and β3.