Suppose we wish to build a multiple regression model to predict the cost of rent (dollars)...

City	Monthly Rent ($)	2018 Population (Thousands)	2010 Median Income (Thousands of Dollars)
Denver, CO	998	586.158	45.438
Birmingham, AL	711	212.237	301.704
San Diego, CA	1414	1307.402	61.962
Gainesville, FL	741	124.354	28.653
Winston-Salem, NC	750	239.617	41.979
Memphis, TN	819	646.889	36.535
Austin, TX	900	790.39	51.236
Seattle, WA	1219	618.66	58.99
Richmond, VA	735	204.214	37.735
Charleston, SC	812	120.083	47.799
College Park, MD	1407	30.413	66.9
Savannah, GA	789	136.286	32.778
Minneapolis, MN	988	394.578	45.625
Detroit, MI	650	713.777	29.447
Baton Rouge, LA	827	229.493	35.436

5. What are the values of the estimated slope for the variable “Population”? Interpret the value in terms of actual names of IVs and the DV.

6. Does Income significantly influence the Rent at the alpha level of 0.01? Make sure to show which values you use to make the decision.

7. Does Population significantly influence the Rent at the alpha level of 0.01? Make sure to show which values you use to make the decision.

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orchestra answered 1 year ago

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