2. Are rent rates influenced by the student population in a college town? Let rent be the average monthly rent paid on rentalunits in a college town in the United States. Let pop denote the total city population, avginc the average city income, andpctstu the student population as a percentage of the total population. One model to test for a relationship islog (rent) = Bo + B₁ log(pop) + ₂log (avginc) + B3pctstu + u,(i) State the null hypothesis that size of the student body relative to the population has no ceteris paribus effect on monthlyrents. State the alternative that there is an effect.(ii) What signs do you expect for 3₁ and 3₂. Explain.(iii) The equation estimated using 1990 data for 64 college town islog (rent) = 0.043 + 0.066 log(pop) + 0.507 log (avginc) + 0.0056 pctstu(0.844) (0.039)(0.081)(0.0017)n = 64, R² = 0.458What is wrong with the statement "A 10% increase in population is associated with about a 6.6% increase in rent"?(iv) Test the hypothesis stated in part (i) at the 1% significance level.

Given information: The model to test for a relationship is,…

Answered: 2. Are rent rates influenced by the…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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