Question

3. We have the regression, Predicted Annual Vacation Expenditures = 143 + .03*Household Income + 53*Age...

3. We have the regression, Predicted Annual Vacation Expenditures = 143 + .03*Household Income + 53*Age + 157*Education. [Income is in dollars, Age is average age of adults in the household, and Education is the average education in years for the adults of the household.]

Suppose we have a household with values of Income of $57,000, Age of 42, and Education of 14. What is the predicted annual vacation expenditure for this household?

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Household Income = 57000

Age = 42

Education = 14

annual vacation expenditure = 143 + 0.03*Household Income + 53*Age + 157*Education

                                              = 143 + 0.03 * 57000 + 53 * 42 + 157 * 14

                                              = $6277 (ans)

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You are building a regression equation which relates household weekly expenditure on FOOD to the household's...
You are building a regression equation which relates household weekly expenditure on FOOD to the household's weekly INCOME.   x = Weekly INCOME (hundreds of dollars) y = Weekly expenditure on FOOD (dollars) From the data for 25 households the following quantities are calculated. n = 25 ∑(ŷ − y̅)² = 112,287.77 x̅ = 20.776 ∑(y − y̅)² = 292,245.84 y̅ = 301.920 ∑xy = 166,105.00 ∑x² = 11,559.28 5 On average, observed food expenditures deviate from the predicted values by...
The USStates dataset includes the variables HouseholdIncome, the mean household income for a state (in thousands...
The USStates dataset includes the variables HouseholdIncome, the mean household income for a state (in thousands of dollars), and College, the percentage of a state’s population age 25 or older who graduated from college. You are going to use this data to investigate the relationship between College and HouseholdIncome; read through all of the parts of this question to get your bearings before you do anything! (a) Use StatKey to create a scatterplot of College versus HouseholdIncome. Describe the trend...
Each of the following scenarios would be described with a regression analysis. State the response variable,...
Each of the following scenarios would be described with a regression analysis. State the response variable, The explanatory variable (S), if any. Be sure to state units were appropriate. We would like to explain the annual salary over employees (in thousands of dollars) which data showing their years of experience and education level (high school, college, or graduate degree). We own a pizza franchise and have data regarding a city’s median income (in dollars), average number of individuals for household,...
1.    In a multiple regression model, the following coefficients were obtained: b0 = -10      b1 =...
1.    In a multiple regression model, the following coefficients were obtained: b0 = -10      b1 = 4.5     b2 = -6.0 a.    Write the equation of the estimated multiple regression model. (3 pts) b     Suppose a sample of 25 observations produces this result, SSE = 480. What is the estimated standard error of the estimate? (5 pts) 2.    Consider the following estimated sample regression equation: Y = 12 + 6X1 -- 3 X2 Determine which of the following statements are true,...
We want to test the hypothesis that ‘Education (Years)’ differs by ‘Ethnicity’. Have Minitab or Statcrunch...
We want to test the hypothesis that ‘Education (Years)’ differs by ‘Ethnicity’. Have Minitab or Statcrunch perform an ANOVA test to determine this. a) Write the hypotheses using symbols and words. Choose a significance level. b) Check the conditions for the test (you might want to do part (c) first). If the conditions fail, make a statement about this, but perform the test anywa c) Include the output from Minitab or Statcrunch after performing the test. d) Determine whether to...
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe,...
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm. During 2016, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income—    City of Albuquerque general purpose bonds $1,000    Ford Motor company bonds 1,100    Ally Bank certificate of deposit 400 2,500 Child...
1. In which phase of the business cycle is the U.S. economy currently in? ________________. How...
1. In which phase of the business cycle is the U.S. economy currently in? ________________. How many months has the U.S. economy been in this stage of the business cycle? ___________ months 2. How long has the current expansion/recovery lasted to date? _________________ How does this compare to the average length of U.S. recessions since 1854? ______________________________. 3. What do the last four recoveries/expansions (that is, the current recovery/expansion and the previous three recovery/expansions), suggest about a new trend in...
Delta airlines case study Global strategy. Describe the current global strategy and provide evidence about how...
Delta airlines case study Global strategy. Describe the current global strategy and provide evidence about how the firms resources incompetencies support the given pressures regarding costs and local responsiveness. Describe entry modes have they usually used, and whether they are appropriate for the given strategy. Any key issues in their global strategy? casestudy: Atlanta, June 17, 2014. Sea of Delta employees and their families swarmed between food trucks, amusement park booths, and entertainment venues that were scattered throughout what would...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT