Is it possible to provide a meaningful interpretation of the estimate b0? 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

The independent variables are 'weekly income x1' and 'family sizex2' and the dependent variable (y)…

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Is it possible to provide a meaningful interpretation of the estimate b0?

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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Concept explainers

Average

In mathematics, everyone must have heard the term average in one place or other. Almost all types of calculation require taking out an average. In everyday life, the term is used for denoting a certain amount that can be said to be a typical quantity for multiple people or objects. In other words, if a group of people possesses a certain object, then the average gives us an idea regarding the quantity of the object possessed by each person. However, this is solely based on mathematical calculation. It is important to note that most people will not strictly have the average value in a group.

Question

Is it possible to provide a meaningful interpretation of the estimate b0?

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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