Access the data, labeled Urban_Rural, from the text website to estimate a regression model using consumption as
Question:
Access the data, labeled Urban_Rural, from the text website to estimate a regression model using consumption as the response variable. The explanatory variables include income and a dummy variable that equals 1 for urban, 0 otherwise.
a. Construct and interpret the 99% confidence interval for the average consumption of an urban family with an income of $80,000.
b. Construct and interpret the 99% confidence interval for the average consumption of a rural family with an income of $80,000.
c. Comment on the width of the above confidence intervals.
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Step by Step Answer:
a Using for consumption and for income and dummy variable Urban respectively the estimated model is ...View the full answer
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Related Book For 
Essentials Of Business Statistics Communicating With Numbers
ISBN: 9780078020544
1st Edition
Authors: Sanjiv Jaggia, Alison Kelly
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