Are rent rates influenced by the student population in a college town? Let rent be the average monthlyrent paid on rental units in a college town in the United States. Let pop denote the total city population,avginc the average city income, and pctstu the student population as a percentage of the total popula-tion. One model to test for a relationship islog(rent) = Bo + Bilog(pop) + Bilog(avginc) + Bpctstu + u.(i) State the null hypothesis that size of the student body relative to the population has no ceterisparibus effect on monthly rents. State the alternative that there is an effect.(ii) What signs do you expect for B, and B2?(iii) The equation estimated using 1990 data from RENTAL for 64 college towns islog(rent) = .043 + .066 log(pop) + .507 log(avginc) + .0056 pctstu(.844) (.039)(.081)(.0017)n = 64, R? = .458.What is wrong with the statement: “A 10% increase in population is associated with about a6.6% increase in rent"?(iv) Test the hypothesis stated in part (i) at the 1% level.

Answered: 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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