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Let's say, we are given a dataset for 100 people analyzing their modal choice. Only two models are there: Car, Walk. The dataset looks like as follows: Person Income HH Size 50 people 10,000 2 50 people 20,000 3

Let's say, we are given a dataset for 100 people analyzing their modal choice. Only two models are there: Car, Walk. The dataset looks like as follows: Person Income HH Size 50 people 10,000 2 50 people 20,000 3

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.5: Counting Principles
Problem 41SE: A cell phone company offers 6 different voice packages and 8 different data packages. Of those, 3...
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Let's say, we are given a dataset for 100 people analyzing their modal choice. Only two models are there: Car, Walk. The dataset looks like as follows: Person Income HH Size 50 people 10,000 2 50 people 20,000 3 So, the dataset is like 50 people has 10K income and 2 members in the House. The remaining 50 people has 15K income and 3 members in the house. We develop a model for car and below is the model: Variable Estimates Standard Error Wald 9.055 Constant 2.96 ? Income 1.50 4.188 ? Household size 0.50 7.148 ? a. Please calculate the standard error of the table. [ b. Now, if the income increase by 10%, what will be the effect (elasticity) of income on car choices? [¹
Transcribed Image Text:Let's say, we are given a dataset for 100 people analyzing their modal choice. Only two models are there: Car, Walk. The dataset looks like as follows: Person Income HH Size 50 people 10,000 2 50 people 20,000 3 So, the dataset is like 50 people has 10K income and 2 members in the House. The remaining 50 people has 15K income and 3 members in the house. We develop a model for car and below is the model: Variable Estimates Standard Error Wald 9.055 Constant 2.96 ? Income 1.50 4.188 ? Household size 0.50 7.148 ? a. Please calculate the standard error of the table. [ b. Now, if the income increase by 10%, what will be the effect (elasticity) of income on car choices? [¹
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