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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

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

MATLAB: An Introduction with Applications
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 So, the dataset is like 50 people has 10K income and 2 members in the House. The remaining 50 people has 15K income and 3 members in the house. We develop a model for car and below is the model: Variable Estimates Standard Error Wald 9.055 Constant 2.96 ? Income 1.50 4.188 ? Household size 0.50 7.148 ? 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 car choices? [¹
Transcribed Image Text: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 So, the dataset is like 50 people has 10K income and 2 members in the House. The remaining 50 people has 15K income and 3 members in the house. We develop a model for car and below is the model: Variable Estimates Standard Error Wald 9.055 Constant 2.96 ? Income 1.50 4.188 ? Household size 0.50 7.148 ? 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 car choices? [¹
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