Let's say, we are given a dataset for 100 people analyzing their modal choice. Only two modelsare there: Car, Walk. The dataset looks like as follows:PersonIncomeHHSize50 people10,000250 people20,0003So, the dataset is like 50 people has 10K income and 2 members in the House. The remaining 50people has 15K income and 3 members in the house. We develop a model for car and below is themodel:VariableEstimatesStandard ErrorWald9.055Constant2.96?Income1.504.188?Household size0.507.148?a. Please calculate the standard error of the table. [b. Now, if the income increase by 10%, what will be the effect (elasticity) of income on carchoices? [¹

Answered: Let's say, we are given a dataset for…

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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Let's say, we are given a dataset for 100 people analyzing their modal choice. Only two models are there: Car, Walk. The dataset looks like as follows: Person Income HH Size 50 people 10,000 2 50 people 20,000 3