Question 2: Dataset "rent" Are rent rates influenced by the student population in a college town? Let rent be the average monthly rent paid on rental units in a college town in the United States. Let pop denote the total city population, gyginç the average city income, and pctstu the student population as a percent of the total population. One model to test for a relationship is rent = Bo + B1 · pop + B2 · avginc + B3 · pctstu + € 1) State the null hypothesis that size of the student body relative to the population has no ceteris paribus (ceteris paribus = everything else stays the same) effect on monthly rents. State the alternative that there is an effect. 2) What signs do you expect for ß1 and B2? 3) Estimate the above equation using the data and report the results. 4) What is wrong with the statement: "A 10% increase in population is associated with about a 6.6% increase in rent"?
Question 2: Dataset "rent" Are rent rates influenced by the student population in a college town? Let rent be the average monthly rent paid on rental units in a college town in the United States. Let pop denote the total city population, gyginç the average city income, and pctstu the student population as a percent of the total population. One model to test for a relationship is rent = Bo + B1 · pop + B2 · avginc + B3 · pctstu + € 1) State the null hypothesis that size of the student body relative to the population has no ceteris paribus (ceteris paribus = everything else stays the same) effect on monthly rents. State the alternative that there is an effect. 2) What signs do you expect for ß1 and B2? 3) Estimate the above equation using the data and report the results. 4) What is wrong with the statement: "A 10% increase in population is associated with about a 6.6% increase in rent"?
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter5: A Survey Of Other Common Functions
Section5.4: Combining And Decomposing Functions
Problem 18E
Related questions
Topic Video
Question
city | pop | avginc | pctstu | rent |
1 | 77759 | 19568 | 23.17031 | 342 |
2 | 141865 | 31885 | 20.98403 | 496 |
3 | 42099 | 21202 | 24.383 | 351 |
4 | 46209 | 29044 | 39.32784 | 588 |
5 | 110330 | 56307 | 16.5005 | 925 |
6 | 132605 | 35103 | 11.45658 | 630 |
7 | 83312 | 29407 | 29.77842 | 521 |
8 | 87758 | 26826 | 24.35903 | 422 |
9 | 130474 | 25811 | 14.57149 | 568 |
10 | 84770 | 21077 | 30.70308 | 383 |
11 | 124773 | 23453 | 27.23346 | 444 |
12 | 45734 | 14286 | 40.2239 | 347 |
13 | 63502 | 22967 | 33.18006 | 422 |
14 | 73233 | 22346 | 20.32827 | 636 |
15 | 60633 | 18393 | 49.28999 | 403 |
16 | 71305 | 19353 | 22.15693 | 325 |
17 | 47198 | 24636 | 45.79643 | 404 |
18 | 59738 | 24565 | 39.35184 | 414 |
19 | 65608 | 22900 | 34.30679 | 415 |
20 | 37712 | 21531 | 32.41143 | 396 |
21 | 40641 | 20043 | 17.43559 | 332 |
22 | 219531 | 21898 | 13.36167 | 354 |
23 | 95802 | 33140 | 25.43162 | 538 |
24 | 50677 | 24719 | 63.23184 | 451 |
25 | 80277 | 23207 | 22.8596 | 403 |
26 | 109592 | 33344 | 32.91664 | 568 |
27 | 48812 | 24004 | 24.35672 | 399 |
28 | 41882 | 21174 | 20.77981 | 304 |
29 | 69101 | 22059 | 32.07768 | 382 |
30 | 191972 | 28056 | 15.42725 | 379 |
31 | 62126 | 23648 | 14.48991 | 366 |
32 | 29541 | 25152 | 55.38404 | 493 |
33 | 101082 | 17738 | 17.44623 | 456 |
34 | 163860 | 21242 | 14.4654 | 409 |
35 | 38719 | 30489 | 39.66786 | 489 |
36 | 136611 | 24354 | 13.53185 | 440 |
37 | 207951 | 32451 | 14.01195 | 479 |
38 | 44972 | 12206 | 27.72836 | 374 |
39 | 74111 | 25326 | 16.10827 | 355 |
40 | 49425 | 25456 | 21.23217 | 367 |
41 | 28176 | 21766 | 51.08603 | 393 |
42 | 28835 | 21463 | 43.73504 | 401 |
43 | 80071 | 25165 | 22.16908 | 362 |
44 | 36676 | 18501 | 40.82233 | 354 |
45 | 44757 | 23212 | 35.46261 | 385 |
46 | 112669 | 25369 | 19.02919 | 425 |
47 | 632910 | 26651 | 11.69945 | 422 |
48 | 38923 | 18257 | 71.20982 | 490 |
49 | 98052 | 23216 | 17.65594 | 392 |
50 | 165121 | 19923 | 13.08374 | 332 |
51 | 44922 | 26394 | 18.24496 | 388 |
52 | 52456 | 9262 | 59.5013 | 428 |
53 | 186206 | 24130 | 15.21004 | 381 |
54 | 30872 | 15917 | 32.35942 | 346 |
55 | 103590 | 17852 | 15.74283 | 353 |
56 | 32762 | 21312 | 28.17899 | 328 |
57 | 86835 | 21162 | 35.97167 | 336 |
58 | 39127 | 25523 | 25.48624 | 493 |
59 | 40341 | 18592 | 23.93843 | 469 |
60 | 54844 | 18276 | 12.78718 | 311 |
61 | 25879 | 18022 | 45.86731 | 355 |
62 | 56856 | 24735 | 18.71394 | 352 |
63 | 51003 | 21947 | 19.53022 | 344 |
64 | 191262 | 29420 | 23.31932 | 472 |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill