The following equation describes the median housing price in a community in terms of amount ofpollution (nox for nitrous oxide) and the average number of rooms in houses in the community (rooms):log(price) = Bo + B1 log(nox) + B2rooms + u(a) Why might nox (or more precisely, log(nox)) and rooms be negatively correlated? If this is the case, does thesimple regression of log(price) on log(nox) produce an upward or a downward biased estimator of ß,?Using the data in HPRICE2, the following equations were estimated:log(price)= 11.71 – 1.043 log(nox), n = 506, R².264.log(price)= 9.23 – .718 log(nox) + .306 rooms, n = 506, R² = .514.(b) Is the relationship between the simple and multiple regression estimates of the elasticity of price withrespect to nox what you would have predicted, given your answer in part (a)? Does this mean that -.718is closer to the true elasticity than -1.043?

Answered: the following equations were estimated:…

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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the following equations were estimated: price) = 11.71 – 1.043 log(nox), n = 506, R? %3D price) = 9.23 – .718 log(nox) + .306 rooms, n = 506, R² = .514. ween the simple and multiple regression estimates of the elas vould have predicted, given your answer in part (a)? Does thi