This problem refers to the 1990 Census data presented in Problem 19 of Chapter 5. In addition to median selected monthly ownership costs (OWNCOST), another independent variable studied was the proportion of the total metropolitan statistical area (MSA) population living in urban areas (URBAN).
Use the accompanying computer output to answer the following questions about the regression of OWNEROCC on OWNCOST and URBAN.
a. What is the estimated least-squares equation for the regression of OWNEROCC on OWNCOST and URBAN?
b. Using your answer to part (a), give a point estimate for the rate of owner occupancy for an MSA for which the urban proportion is 0.73 and the median selected monthly ownership cost is $513.
c. Find the R2-value for the regression in part (a), and comment on the fit of the model.