What factors determine whether a person chooses car or bus to travel to work? That is an interestingquestion. Suppose that you analyze this simple transportation problem using the probit model. Thevariables in the model are defined as follows:autotimecommute time via auto, minutescommute time via bus, minutes=(bus time - auto time)/10, 10 minute units= 1 if auto chosenbustimedtimeautoThe probit model you estimate isP(AUTO = 1) = ¤(ß1 + B2DTIME).The estimates of the parameters are: -0.0788 + 0.400DTIME.The marginal effect of increasing public (bus) transportation time, given that travel via publictransportation currently takes 15 minutes longer than auto travel isA) 0.348B) 0.139C) 0.307D) 0.123E) None of the above (A, B, C, D) is close to be correct.

Marginal effects let us know how a reliant variable (result) changes when a particular autonomous…

Answered: What factors determine whether a person…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter6: Optimization Models With Integer Variables

Section6.5: Set-covering And Location-assignment Models

Problem 29P

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