Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Perform a linear regression on the number of recreational trips made, using a 1 0 % significance level to identify relevant variables. On average, how

Perform a linear regression on the number of recreational trips made, using a 10% significance level to identify relevant variables.
On average, how many trips would you expect a household of four members to make in a given month, assuming two of them are children under 12, one of them is a worker, they own two vehicles, and their annual income is $56,000?
What is the effect on the number of recreational trips if the household size is increased by one?
Your supervisors are curious about the role household size and composition plays in recreational tripmaking. However, they haven't taken any courses in statistics or engineering (that's why they hired you as a specialist!). Answer their question without using any technical or mathematical language.
\table[[ID,Household size,Children under 12,Workers,Vehicles,Income ($yr),Recreational trips],[1,1,0,0,1,7000,0.9],[2,2,0,1,2,18000,1.0],[3,5,0,1,0,49000,2.2],[4,2,0,1,1,32000,1.4],[5,5,1,2,2,36000,2.7],[6,2,0,1,1,30000,1.3],[7,4,0,2,3,59000,1.2],[8,2,0,1,2,38000,1.2],[9,3,1,0,1,34000,2.9],[10,3,1,1,3,47000,2.7],[11,5,0,0,1,34000,2.1],[12,2,0,1,0,27000,0.8],[13,4,0,0,1,28000,1.8],[14,3,0,0,2,55000,2.1],[15,2,0,0,1,23000,1.3]]
image text in transcribed

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

Quantum Economics And Finance

Authors: David Orrell

3rd Edition

1916081630, 978-1916081635

More Books

Students also viewed these Finance questions

Question

2. What are the components of IT infrastructure?

Answered: 1 week ago