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Suppose you want to estimate the effect of access to public transportation on house prices. You write down the following regression model: Price; Bo + B₁ Distance; + B₂ Schoolį + už = where Price; is the average house price in a community, in dollars per square foot, Distance; is the distance in miles from the community to the nearest subway station, and School; is the number of schools in the neighborhood. Suppose your estimation yields ₁ = 1327. What is the correct interpretation of this estimated value? An additional mile in the distance to the nearest subway station is associated with an increase of $1,327 dollars in the average house price per square foot, in communities with zero schools. An additional mile in the distance from a community to the nearest subway station is associated with an increase in average house price of $1,327 dollars per square foot. An additional mile in the distance from a community to the nearest subway station is associated with an increase in average house price of $1,327 dollars per square foot, keeping the number of schools in the community constant.

Suppose you want to estimate the effect of access to public transportation on house prices. You write down the following regression model: Price; Bo + B₁ Distance; + B₂ Schoolį + už = where Price; is the average house price in a community, in dollars per square foot, Distance; is the distance in miles from the community to the nearest subway station, and School; is the number of schools in the neighborhood. Suppose your estimation yields ₁ = 1327. What is the correct interpretation of this estimated value? An additional mile in the distance to the nearest subway station is associated with an increase of $1,327 dollars in the average house price per square foot, in communities with zero schools. An additional mile in the distance from a community to the nearest subway station is associated with an increase in average house price of $1,327 dollars per square foot. An additional mile in the distance from a community to the nearest subway station is associated with an increase in average house price of $1,327 dollars per square foot, keeping the number of schools in the community constant.

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter7: Analytic Trigonometry
Section7.6: The Inverse Trigonometric Functions
Problem 94E
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Suppose you want to estimate the effect of access to public transportation on house prices. You write down the following regression model: Price; where Price; is the average house price in a community, in dollars per square foot, Distance; is the distance in miles from the community to the nearest subway station, and School; is the number of schools in the neighborhood. - Bo + B1 Distance; + B₂ Schoolį + ui Suppose your estimation yields ₁ correct interpretation of this estimated value? = 1327. What is the An additional mile in the distance to the nearest subway station is associated with an increase of $1,327 dollars in the average house price per square foot, in communities with zero schools. An additional mile in the distance from a community to the nearest subway station is associated with an increase in average house price of $1,327 dollars per square foot. An additional mile in the distance from a community to the nearest subway station is associated with an increase in average house price of $1,327 dollars per square foot, keeping the number of schools in the community constant.
Transcribed Image Text:Suppose you want to estimate the effect of access to public transportation on house prices. You write down the following regression model: Price; where Price; is the average house price in a community, in dollars per square foot, Distance; is the distance in miles from the community to the nearest subway station, and School; is the number of schools in the neighborhood. - Bo + B1 Distance; + B₂ Schoolį + ui Suppose your estimation yields ₁ correct interpretation of this estimated value? = 1327. What is the An additional mile in the distance to the nearest subway station is associated with an increase of $1,327 dollars in the average house price per square foot, in communities with zero schools. An additional mile in the distance from a community to the nearest subway station is associated with an increase in average house price of $1,327 dollars per square foot. An additional mile in the distance from a community to the nearest subway station is associated with an increase in average house price of $1,327 dollars per square foot, keeping the number of schools in the community constant.
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