Suppose that to examine the demand for TriMet bus rides (BRt) in the Portland region, we constructed the following aggregate demand regression model:

= 0 + 1 + 2+ 3+ 4_ + 1 +

Where BRt represents thousands of bus rides demanded in a particular month t, Price is the fare for bus rides ($), Income is the average income level (thousands $), Population is the current population (thousands), Price_Uber is the price of an equivalent Uber ride ($) and Pandemic is a dummy variable (0 or 1) representing whether or not there was a pandemicrelated stay at home order in the state during that month.

(a) Describe and explain your hypotheses for the estimated coefficients of 1, 2, 3, 4 and 1. Please refer to economic theories and concepts to justify each of them.