Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

After running multiple regression on homicide rate model using Census and police data.The data sets are city by city records. The output shows an equation:

After running multiple regression on homicide rate model using Census and police data.The data sets are city by city records.

The output shows an equation:

Homicide Rate = -1.50 + 0.8*Poverty Rate - 0.4*Number of General Hospitals + 12.3*Number of Bars - 4.7*Number of Police Officers per 100 residents + 6.3*Population Density per square miles

where homicide rate is per 100,000 people, and poverty rate is number of households below poverty level per 100 households.

All coefficients turned out statitically significant at 95% confidence level.

How do you interpret the equation? Be mindful of and clearly state the "unit of analysis" as you interpret the equation.Also, make sure you address every figure in the equation, including the intercept (or constant).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mathematical Analysis For Quantitative Finance

Authors: Daniele Ritelli, Giulia Spaletta

1st Edition

1351245104, 9781351245104

More Books

Students also viewed these Mathematics questions

Question

Self-awareness is linked to the businesss results.

Answered: 1 week ago

Question

1. Too reflect on self-management

Answered: 1 week ago

Question

Food supply

Answered: 1 week ago