The following data were obtained from a sample of 12 respondents.Suppose you arrive at the following multiple regression equation which predicts child's schooling from both father and mother's schooling:
Ŷ= 8.91 + .51(Father's Schooling)- .10(Mother's Schooling).
What is the predicted number of years of schooling for a respondent whose father and mother graduated from college (i.e.,each completed 16 years of schooling)?
Definitions:
Utility Function
A mathematical representation of a consumer's preference ordering over a set of goods or outcomes.
Consumption
The process of using goods and services to satisfy wants and needs.
Interest Rate
An interest rate is the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan remaining.
Marginal Rate of Substitution
The rate at which a consumer is willing to substitute one good for another, maintaining the same level of utility.
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