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.

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

Expert Solution

orchestra answered 1 year ago

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