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1. (30 points) In the Microsoft Excel workbook entitled Problem Set 1, please find the worksheet labeled Transit Data. a. .0 Note the data set

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1. (30 points) In the Microsoft Excel\" workbook entitled \"Problem Set 1,\" please find the worksheet labeled "Transit Data." a. .0 Note the data set with variables listed below: i. Weekly riders ii. Price per ride iii. Population iv. Income v. Parking Fee Identify a dependent variable and the independent variables. Calculate the mean value of all of the variables. Theoretically predict and explain the relationship between the dependent variable and each of the independent variables. Perform a regression analysis so as to estimate a demand equation using Microsoft Excel0 DataAnalysis \"Regression\" procedure. (You must have access to a Microsoft Windows'D based computer or contact the instructor directly.) Evaluate the regression analysis results: i. Explain what R2, the coefficient of determination, measures. ii. Explain what the F-statisticfound in the ANOVA table analysismeasures. iii. Explain whether or not the estimated coefficients are signicantly different from zero. Your explanation should include discussion of the t-statistic and of the p-value. For the estimated coefcients that are significantly different from zero, form and state a demand equation. Explain if the estimated coefficient have the appropriate sign (positive or negative) that match your predictions. If not, guess what that may be. Interpret the estimated coefficients by stating what the impact of a one unit change in the independent variable would be relative to the dependent variable. Assume that you can use this equation to predict the value of the quantity demanded. Using the mean values of the independent variables and the demand equation that you have formed, calculate predicted values of the dependent variable when i. Income is equal to $10,000 and all other values are at their mean values. ii. Parking fee is equal to $2.25 (225 cents) and all other values are at their mean values. iii. Population is equal to 1,500,000 (1500 thousands) and all other values are at their mean values

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