Interpret the estimates b1 and b2. The following model was fitted to a sample of 30 families in order to explain household milkconsumption:y = Bo + B1x1i + B2x2i + Eiwherey = milk consumption, in quarts per weekx1 = weekly income, in hundreds of dollarsX2 = family sizeThe least squares estimates of the regression parameters were as follows:bo = -0.025bi = 0.052b2 = 1.14%3D|3DThe total sum of squares and regression sum of squares were found to be as follows:SST = 162.1 and SSR = 88.2|3D

Reviewing information, Given, y=β0+β1x1i+β2x2i+εiWhere,y=milk consumption, in quarts per…

Answered: Interpret the estimates b1 and b2

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Interpret the estimates b1 and b2

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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Question

Interpret the estimates b1 and b2.

The following model was fitted to a sample of 30 families in order to explain household milk
consumption:
y = Bo + B1x1i + B2x2i + Ei
where
y = milk consumption, in quarts per week
x1 = weekly income, in hundreds of dollars
X2 = family size
The least squares estimates of the regression parameters were as follows:
bo = -0.025
bi = 0.052
b2 = 1.14
%3D
|3D
The total sum of squares and regression sum of squares were found to be as follows:
SST = 162.1 and SSR = 88.2
|3D

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