Expedia wants to use regression analysis to build a model for airfare tickets prices in the states: Ticket prices = 30 + 31 Miles + E where Miles is measured in hundreds Coefficients 169.50 5.90 Intercept Miles (in hundreds) Which of the following is true? Standard Error 1.34 0.09 t Stat 126.85 61.28 P-value 0.000 0.002 O If Miles increases by 1, then we predict ticket price to go up by $5.9. O If ticket price goes up by $1, then we predict Miles to go up by 590 miles. O If ticket price goes up by $100, then we predict Miles to go up by 590 miles. If Miles increases by 100, then we predict ticket price to go up by $5.9.
Expedia wants to use regression analysis to build a model for airfare tickets prices in the states: Ticket prices = 30 + 31 Miles + E where Miles is measured in hundreds Coefficients 169.50 5.90 Intercept Miles (in hundreds) Which of the following is true? Standard Error 1.34 0.09 t Stat 126.85 61.28 P-value 0.000 0.002 O If Miles increases by 1, then we predict ticket price to go up by $5.9. O If ticket price goes up by $1, then we predict Miles to go up by 590 miles. O If ticket price goes up by $100, then we predict Miles to go up by 590 miles. If Miles increases by 100, then we predict ticket price to go up by $5.9.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter1: Introducing The Economic Way Of Thinking
Section1.A: Applying Graphs To Economics
Problem 6SQ
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