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Suppose You Regress Ice Cream Sales on the Number of Children

question 8

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Suppose you regress Ice Cream Sales on the number of children under age 10 and on binary dummy variables indicating the 2nd,3rd,and 4th quarters of the year and you get (p-values in parentheses)


Ice Cream^ Salest=17.92+8.63Under10t+14.61Q2t+5.32Qt+1.08Q4t(0.012) (0.032) (0.037) (0.124) (0.179) \begin{array} { lllll } Ice ~\widehat {Cream}~ Sales { } _ { t } =& 17.92 +& 8.63 Under 10 _ { t } + &14.61 Q 2 _ { t } + &5.32 Q _ { t } +& 1.08 Q 4 _ { t }\\&( 0.012 ) & ( 0.032 ) &( 0.037 ) & ( 0.124 ) &( 0.179 ) \\\end{array}
You should conclude that,holding all other independent variables constant,ice cream sales are statistically greater in

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Definitions:

Services from Land

The benefits and outputs produced by natural resources without altering their original physical state, such as agricultural production, mining, and scenic views.

Ownership

Refers to the rights that confirm the legal possession and control over property, assets, or resources.

Marginal Product of Labor

The additional output a firm gains from employing one more unit of labor, holding all other inputs constant.

Value of Marginal Product

The additional revenue generated by employing one more unit of a factor of production, keeping other factors constant.

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