Consider the Following Logit Regression $$\operatorname { Pr } ( Y = 1 \mid X ) = F ( 15.3 - 0.24 \times X )$$

question 37

Essay

Consider the following logit regression: $$\operatorname { Pr } ( Y = 1 \mid X ) = F ( 15.3 - 0.24 \times X )$$ Calculate the change in probability for $X$ increasing by 10 for $X = 40$ and $X = 60$ . Why is there such a large difference in the change in probabilities?

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Definitions:

Labor Efficiency Variance

A measure of the difference between the actual number of labor hours used and the standard number of labor hours expected to produce a certain level of output.

Materials Quantity Variance

The financial difference between the actual quantity of materials used in production and the standard expected quantity.

Favorable

A term used to describe outcomes or variances that are positive or beneficial to a business, such as lower costs or higher revenues than expected.

Unfavorable

A term used in budgeting and variance analysis indicating costs exceeded the budget or revenue fell short.