Question

In: Statistics and Probability

Area Auto Sales Household Income Population 1 209779 34926 193.16 2 109630 30732 170.85 3 121088...

Area Auto Sales Household Income Population
1 209779 34926 193.16
2 109630 30732 170.85
3 121088 31891 128.03
4 124236 27624 159.58
5 551804 34940 349.51
6 427903 30943 399.97
7 102270 30259 149.52
8 212743 30070 215.77
9 353518 33470 308.94
10 115931 27875 162.12

AS=auto sales

Show all work using excel

Develop a multiple-regression model for auto sales as a function of population and household income for 10 metropolitan areas.

  1. Estimate values for b0, b1, and b2 for this model:
    AS = b0 + b1 (INC) + b2 (POP)
  2. Are the signs you find for the coefficients consistent with your expectations? Explain.
  3. What percentage of variation in AS is explained by this model?
  4. What point estimate of AS would you make for a city where INC=23,175 and POP=128.7?

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