12. The homeownership rate in the U.S. was 64.4% in 2009. In order to determine if...

12. The homeownership rate in the U.S. was 64.4% in 2009. In order to determine if homeownership is linked with income, 2009 state-level data on the homeownership rate (Ownership in %) and median household income (Income in $) were collected. A portion of the data is shown in the accompanying table.

State	Ownership	Income
Alabama	70.4	37,990
Alaska	64.6	59,614
⋮	⋮	⋮
Wyoming	71.0	50,480

a-1. Estimate the model Ownership = β₀ + β₁Income + ε. (Negative values should be indicated by a minus sign. Round your answers to 4 decimal places.) [If you are using R to obtain the output, then first enter the following command at the prompt: options(scipen=10). This will ensure that the output is not in scientific notation.]

yˆy^ = + Income

a-2. Interpret the model.

For a $1000 increase in income, homeownership rate is predicted to decrease by 0.01%.
For a $1000 increase in income, homeownership rate is predicted to decrease by 0.1%.
For a $1000 increase in income, homeownership rate is predicted to decrease by 0.001%.
For a $1000 increase in income, homeownership rate is predicted to decrease by 0.0001%.

b. What is the standard error of the estimate? (Round your answer to 2 decimal places.)

c. Interpret the coefficient of determination.

3.16% of the sample variation in y is explained by the estimated regression equation.
6.18% of the sample variation in x is explained by the estimated regression equation.
4.27% of the sample variation in x is explained by the estimated regression equation.
2.48% of the sample variation in y is explained by the estimated regression equation.

State	Ownership	Income
Alabama	70.4	37990
Alaska	64.6	59614
Arizona	65.9	43749
Arkansas	64.8	34548
California	55.0	54144
Colorado	66.0	53940
Connecticut	68.3	62861
Delaware	73.6	50124
District of Columbia	43.2	51151
Florida	67.8	43641
Georgia	64.3	41350
Hawaii	57.4	53659
Idaho	72.3	44788
Illinois	66.5	50880
Indiana	68.8	42315
Iowa	69.6	48731
Kansas	64.4	42727
Kentucky	67.9	40674
Louisiana	68.8	43443
Maine	70.9	45512
Maryland	67.4	62196
Massachusetts	62.9	57383
Michigan	71.3	44004
Minnesota	70.3	54100
Mississippi	71.2	33088
Missouri	69.1	46779
Montana	67.2	38447
Nebraska	67.4	47605
Nevada	60.0	49444
New Hampshire	73.6	62141
New Jersey	63.9	62787
New Mexico	65.9	41552
New York	52.2	48226
North Carolina	66.8	39916
North Dakota	63.1	48085
Ohio	66.7	43889
Oklahoma	66.6	43888
Oregon	65.4	47108
Pennsylvania	69.2	46182
Rhode Island	60.5	49644
South Carolina	70.8	39111
South Dakota	66.6	43836
Tennessee	67.6	38527
Texas	62.7	45485
Utah	71.6	56501
Vermont	71.5	50328
Virginia	67.4	58511
Washington	63.3	58402
West Virginia	74.8	38500
Wisconsin	67.7	49247
Wyoming	71.0	50480

Expert Solution

orchestra answered 3 years ago

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