Below Gives the Data Concerning (1) the Dependent Variable Default

question 50

Multiple Choice

Below gives the data concerning (1) the dependent variable Default which equals 1 if a customer defaults on their loan and 0 if they do not; (2) the independent variable Price of Home, which is the price of the home (in tens) and (3) the independent variable First Purchase which equals 1 if the customer has owned a home before and 0 if this is their first home. Estimate the probability that a buyer who spent $135,000 on their first home purchase will default.

• A) .8529
• B) .8501
• C) .8674
• D) .8754

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Definitions:

Theory

A coherent group of propositions formulated to explain a group of facts or phenomena, often serving as the basis for further experimentation.

Unobservable Phenomena

Refers to occurrences or aspects that cannot be directly seen or measured, often requiring inference from observable effects.

Speculations

The act of forming theories or conjectures without firm evidence, often involving the anticipation of market trends in various contexts.

Observations

The active acquisition of information from a primary source, using the senses or instruments, which can be used to collect data and make assessments.