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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   
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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)

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