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Demand estimation using linear regression Y X1 X2 X3 X4 Number of Monthly Price per Population City weekly income of week of city Average parking rates per riders riders month 1 2 3 4 56 192,000 $15 1,800,000 $5,800 $50 190,400 $15 1,790,000 $6,200 $50 191,200 $15 1,780,000 $6,400 $60 177,600 $25 1,778,000 $6,500 $60 176,800 $25 1,750,000 $6,550 $60 6 178,400 $25 1,740,000 $6,580 $70 7 180,800 $25 1,725,000 $8,200 $75 8 175,200 $30 1,725,000 $8,600 $75 9 174,400 $30 1,720,000 $8,800 $75 10 173,920 $30 1,705,000 $9,200 $80 11 172,800 $30 1,710,000 $9,630 $80 12 163,200 $40 1,700,000 $10,570 $80 13 161,600 $40 1,695,000 $11,330 $85 14 161,600 $40 1,695,000 $11,600 $100 15 160,800 $40 1,690,000 $11,800 $105 16 159,200 $40 1,630,000 $11,830 $105 17 148,800 $65 1,640,000 $12,650 $105 18 115,696 $102 1,635,000 $13,000 $110 19 147,200 $75 1,630,000 $13,224 $125 20 150,400 $75 1,620,000 $13,766 $130 21 152,000 $75 1,615,000 $14,010 $150 22 136,000 $80 1,605,000 $14,468 $155 23 126,240 $86 1,590,000 $15,000 $165 24 123,888 $98 1,595,000 $15,200 $175 25 126,080 $87 1,590,000 $15,600 $175 22 26 151,680 $77 1,600,000 $16,000 $190 27 152,800 $63 1,610,000 $16,200 $200

Demand estimation using linear regression Y X1 X2 X3 X4 Number of Monthly Price per Population City weekly income of week of city Average parking rates per riders riders month 1 2 3 4 56 192,000 $15 1,800,000 $5,800 $50 190,400 $15 1,790,000 $6,200 $50 191,200 $15 1,780,000 $6,400 $60 177,600 $25 1,778,000 $6,500 $60 176,800 $25 1,750,000 $6,550 $60 6 178,400 $25 1,740,000 $6,580 $70 7 180,800 $25 1,725,000 $8,200 $75 8 175,200 $30 1,725,000 $8,600 $75 9 174,400 $30 1,720,000 $8,800 $75 10 173,920 $30 1,705,000 $9,200 $80 11 172,800 $30 1,710,000 $9,630 $80 12 163,200 $40 1,700,000 $10,570 $80 13 161,600 $40 1,695,000 $11,330 $85 14 161,600 $40 1,695,000 $11,600 $100 15 160,800 $40 1,690,000 $11,800 $105 16 159,200 $40 1,630,000 $11,830 $105 17 148,800 $65 1,640,000 $12,650 $105 18 115,696 $102 1,635,000 $13,000 $110 19 147,200 $75 1,630,000 $13,224 $125 20 150,400 $75 1,620,000 $13,766 $130 21 152,000 $75 1,615,000 $14,010 $150 22 136,000 $80 1,605,000 $14,468 $155 23 126,240 $86 1,590,000 $15,000 $165 24 123,888 $98 1,595,000 $15,200 $175 25 126,080 $87 1,590,000 $15,600 $175 22 26 151,680 $77 1,600,000 $16,000 $190 27 152,800 $63 1,610,000 $16,200 $200

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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You are given information on the use of public transportation in the data set within the image.

  1. Number of weekly riders                                     y -variable
  2. Price per week (of using public transportation) x-variable
  3. Population of city                                                 x-variable
  4. Monthly income of riders                                     x variable        
  5. Average parking rates per month x-variable

 

(a) Run a regression of the Number of weekly riders on Price per week, Population of city, Monthly income of riders, Average parking rates per month. Please copy and paste your regression results and do not submit your EXCEL worksheet.

 

(b) If the average parking rates increase by $1, what will be the change in the number of weekly riders? Will this change be a statistically significant change? Please explain.

 

(c) If the price per week (of using public transportation) increases by $1, what will be the change in the number of weekly riders? Will this change be a statistically significant change? Please explain.

Demand estimation using linear regression Y X1 X2 X3 X4 Number of Monthly Price per Population City weekly income of week of city Average parking rates per riders riders month 1 2 3 4 56 192,000 $15 1,800,000 $5,800 $50 190,400 $15 1,790,000 $6,200 $50 191,200 $15 1,780,000 $6,400 $60 177,600 $25 1,778,000 $6,500 $60 176,800 $25 1,750,000 $6,550 $60 6 178,400 $25 1,740,000 $6,580 $70 7 180,800 $25 1,725,000 $8,200 $75 8 175,200 $30 1,725,000 $8,600 $75 9 174,400 $30 1,720,000 $8,800 $75 10 173,920 $30 1,705,000 $9,200 $80 11 172,800 $30 1,710,000 $9,630 $80 12 163,200 $40 1,700,000 $10,570 $80 13 161,600 $40 1,695,000 $11,330 $85 14 161,600 $40 1,695,000 $11,600 $100 15 160,800 $40 1,690,000 $11,800 $105 16 159,200 $40 1,630,000 $11,830 $105 17 148,800 $65 1,640,000 $12,650 $105 18 115,696 $102 1,635,000 $13,000 $110 19 147,200 $75 1,630,000 $13,224 $125 20 150,400 $75 1,620,000 $13,766 $130 21 152,000 $75 1,615,000 $14,010 $150 22 136,000 $80 1,605,000 $14,468 $155 23 126,240 $86 1,590,000 $15,000 $165 24 123,888 $98 1,595,000 $15,200 $175 25 126,080 $87 1,590,000 $15,600 $175 22 26 151,680 $77 1,600,000 $16,000 $190 27 152,800 $63 1,610,000 $16,200 $200
Transcribed Image Text:Demand estimation using linear regression Y X1 X2 X3 X4 Number of Monthly Price per Population City weekly income of week of city Average parking rates per riders riders month 1 2 3 4 56 192,000 $15 1,800,000 $5,800 $50 190,400 $15 1,790,000 $6,200 $50 191,200 $15 1,780,000 $6,400 $60 177,600 $25 1,778,000 $6,500 $60 176,800 $25 1,750,000 $6,550 $60 6 178,400 $25 1,740,000 $6,580 $70 7 180,800 $25 1,725,000 $8,200 $75 8 175,200 $30 1,725,000 $8,600 $75 9 174,400 $30 1,720,000 $8,800 $75 10 173,920 $30 1,705,000 $9,200 $80 11 172,800 $30 1,710,000 $9,630 $80 12 163,200 $40 1,700,000 $10,570 $80 13 161,600 $40 1,695,000 $11,330 $85 14 161,600 $40 1,695,000 $11,600 $100 15 160,800 $40 1,690,000 $11,800 $105 16 159,200 $40 1,630,000 $11,830 $105 17 148,800 $65 1,640,000 $12,650 $105 18 115,696 $102 1,635,000 $13,000 $110 19 147,200 $75 1,630,000 $13,224 $125 20 150,400 $75 1,620,000 $13,766 $130 21 152,000 $75 1,615,000 $14,010 $150 22 136,000 $80 1,605,000 $14,468 $155 23 126,240 $86 1,590,000 $15,000 $165 24 123,888 $98 1,595,000 $15,200 $175 25 126,080 $87 1,590,000 $15,600 $175 22 26 151,680 $77 1,600,000 $16,000 $190 27 152,800 $63 1,610,000 $16,200 $200
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