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A researcher studies a sample of 5,000 individuals who considered going on a trip to Eastern Europe last year; some individuals did go on the
A researcher studies a sample of 5,000 individuals who considered going on a trip to Eastern Europe last year; some individuals did go on the trip while some did not. The average cost of a trip to Eastern Europe is $110 a day, per individual. Let C/S denote an individual's cost to savings ratio and let Ybe a binary variable that takes the value 1 if the individual goes on a trip to Eastern Europe, and 0 othenivise. The researcher estimates the probability that an individual goes on a trip through the following regression equation: /\\ Pr[Y=1|(C/S)]= [2.4 -4.2(C/S)]. (0.79) (0.95) Standard errors are given in parentheses. Jack, who has savings of $3,200, is considering going backpacking through Eastern Europe for 15 days. The probability that Jack will go backpacking through Eastern Europe is 59.10 %. (Round your answer to two decimal places.) The researcher adds another regressor to his regression equation - whether or not a friend accompanies an individual planning to go backpacking through Eastern Europe. The new regression equation estimated by the researcher is: /\\ Pr[Y=1|(C/S)P] =
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