The number of times per year a person uses rapid transit is a linear function of income: Y= 1.2+2.4X1+8.4X2+15.6X3, where X1,X2,X3 are dummy variables for medium, high, and very high incomes, respectively (the low-income category has been omitted). What is the predicted number of annual trasnit trips per year for each of the four income categories? O Low:1.2, Medium: 2.4, High: 8.4, Very High: 15.6 O Low:1.2, Medium: 3.6, High: 9.6, Very High: 16.8 O Low:0, Medium: 1.2,, High: 3.8, Very High: 8.6 O Low:1.2, Medium: 3.6, High: 12, Very High: 27.6
The number of times per year a person uses rapid transit is a linear function of income: Y= 1.2+2.4X1+8.4X2+15.6X3, where X1,X2,X3 are dummy variables for medium, high, and very high incomes, respectively (the low-income category has been omitted). What is the predicted number of annual trasnit trips per year for each of the four income categories? O Low:1.2, Medium: 2.4, High: 8.4, Very High: 15.6 O Low:1.2, Medium: 3.6, High: 9.6, Very High: 16.8 O Low:0, Medium: 1.2,, High: 3.8, Very High: 8.6 O Low:1.2, Medium: 3.6, High: 12, Very High: 27.6
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Transcribed Image Text:QUESTION 4
The number of times per year a person uses rapid transit is a linear function of income:
Y= 1.2+2.4X1+8.4X2+15.6X3, where X1,X2,X3 are dummy variables for medium, high, and very high incomes, respectively (the low-income category
has been omitted). What is the predicted number of annual trasnit trips per year for each of the four income categories?
O Low:1.2, Medium: 2.4, High: 8.4, Very High: 15.6
O Low:1.2, Medium: 3.6, High: 9.6, Very High: 16.8
O Low:0, Medium: 1.2,, High: 3.8, Very High: 8.6
O Low:1.2, Medium: 3.6, High: 12, Very High: 27.6
Expert Solution
Step 1
Let,
Y = The number of times per year a person uses rapid transit.
X1: Medium income
X2: High income
X3: Very High income
Here Y is a response variable and X1, X2, and X3 are the dummy variables.
The linear model is
Y = 1.2 + 2.4 X1 + 8.4 X2 + 15.6 X3
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