THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Suppose you are interested in determining the factors that influence the time required to prepare a tax return,and developed the model: Y = β₀ + β₁X₁ + β₂X₂ + β₃X₃ + β₄X₄ + ε,where Y is the amount of time (in minutes),X₁ is the income of the individual (in thousands of dollars),X₂ is the age of the individual,X₃ is the number of people living in the household,and X₄ is a dummy variable that takes the value 1,if the individual owns his or her own home.After interviewing 40 accountants,you get the following results:
= 17.2 + 3.8x₁ - 1.04x₂ + 2.15x₃ + 15.1x₄,
= 5.3,
= 0.13,
= 0.33,
= 1.51,
= 4.7,SSR = 164.2,SSE = 200.7,and R² = 0.45.
-Interpret the estimated regression coefficient b₁.

Question

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Suppose you are interested in determining the factors that influence the time required to prepare a tax return,and developed the model: Y = β₀ + β₁X₁ + β₂X₂ + β₃X₃ + β₄X₄ + ε,where Y is the amount of time (in minutes),X₁ is the income of the individual (in thousands of dollars),X₂ is the age of the individual,X₃ is the number of people living in the household,and X₄ is a dummy variable that takes the value 1,if the individual owns his or her own home.After interviewing 40 accountants,you get the following results:

= 17.2 + 3.8x₁ - 1.04x₂ + 2.15x₃ + 15.1x₄,

= 5.3,

= 0.13,

= 0.33,

= 1.51,

= 4.7,SSR = 164.2,SSE = 200.7,and R² = 0.45.
-Interpret the estimated regression coefficient b₁.

Quizplus · Accepted Answer

The Answer of THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: Suppose you are interested in determining the factors that influence the time required to prepare a tax return,and developed the model: Y = β 0 + β 1 X 1 + β 2 X 2 + β 3 X 3 + β 4 X 4 + ε,where Y is the amount of time (in minutes),X 1 is the income of the individual (in thousands of dollars),X 2 is the age of the individual,X 3 is the number of people living in the household,and X 4 is a dummy variable that takes the value 1,if the individual owns his or her own home.After interviewing 40 accountants,you get the following results: = 17.2 + 3.8x 1 - 1.04x 2 + 2.15x 3 + 15.1x 4 , = 5.3, = 0.13, = 0.33, = 1.51, = 4.7,SSR = 164.2,SSE = 200.7,and R 2 = 0.45. -Interpret the estimated regression coefficient b₁.