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Homework 14 i Saved 13ahomeom The homeownership rate in the U.S. was 62.4% in 2009- In order to determine if homeownership is linked with income, 2009 state- level data on the homeownership rate (Ownership in %) and median household income (income in \$) were collected. A portion of the data is shown in the accompanying table 5 ownership Income 36,660 58,284 points State Alabama Alaska 67.9 63.2 Wyoming 69.1 49,150 eBook Click here for the Excel Data File a-1. Estimate the model Ownership-Po + β|Income + e. (Negative values should be indicated by a minus sign. Round your answers to 4 decimal places.) [If you are using R to obtain the output, then first enter the following command at the prompt options(scipen-10). This will ensure that the output is not in scientific notation.] References Income a-2. Interpret the model. O For a \$1 , 000 increase in income-homeownership rate is predicted to decrease by 0.01%. O For a \$1 , 000 increase in income , homeownership rate is predicted to decrease by 0.1%. For a \$1. 000 increase in income , homeownership rate is predicted to decrease by 0.001%. O For a \$1.000 increase in income , homeownership rate is predicted to decrease by 0.0001%. b. What is the standard error of the estimate? (Round your answer to 2 decimal places.) Standard error c. Interpret the coefficient of determination O 1.50% of the sample variation in y is explained by the estimated regression equation. O 1.50% of the sample variation in x is explained by the estimated regression equation. O 2.50% of the sample variation in x is explained by the estimated regression equation. O 0.50% of the sample variation in y is explained by the estimated regression equation.
State Ownership Income Arizona District of Columbia 0 Massachusetts New Hampshire North Dakota Rhode Island South Carolina South Dakota Washington

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