Question

Total employment = 122.65 + 3.56 * Manufacturing + 6.82 * Agriculture + 1.75 * Recreation....

Total employment = 122.65 + 3.56 * Manufacturing + 6.82 * Agriculture + 1.75 * Recreation.

a) which industry (manufacturing, agriculture, or recreation) has the strongest impact on total employment in the region? Explain why.

b) the economic committee has asked you to interpet these results. They can only fund improvements in two industries. Which two industries would you pick and why?

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Answer #1

a) Agriculture has the strongest impact on total employment because the coefficient on agriculture is largest. Larger the coefficient, strongest is the impact on total employment.

b) Manufacturing- if manufacturing increases by 1 unit total employment increases by 3.56 units.

Agricultural- if agriculture increases by 1 unit total employment increases by 6.82 units.

Recreation- if recreation increases by 1 unit total employment increases by 1.75 units.

The economic committee should pick manufacturing and agriculture because they have higher impact on society by increasing employment.

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