A sample was collected to find out the probability of a sports car being owned b

Question

A sample was collected to find out the probability of a sports car being owned by a family based on age. gender, income, and marital status. Use the following table and excel output to answer the questions below it: Estimate the probability of owning a sport's car for a 25 year old single male that earns $50,000 With an alpha = 0.05 and repeat with an alpha = 0.10 Estimate the probability of owning a sport's car for a 32 year old married female that earns $80,000 With an alpha = 0.05 and repeat with an alpha = 0.10

Explanation / Answer

16.

At alpha = .10 every variable is significant

log(p/1-p) = .758 -.0063*25+.05*1+.0000008266*50000-.266*0 = .69
p = 1/(1+e^-.69) = .666

At alpha = .05,4, 1 and 3 variables are significant as they have pvalue<.05
log(p/1-p) = .758 -.0063*25+.0000008266*50000-.266*0 = .641
p = 1/(1+e^-.641) = .655

17)

At alpha = .10 every variable is significant

log(p/1-p) = .758 -.0063*32+.05*0+.0000008266*80000-.266*1 = .36
p = 1/(1+e^-.36) = .59

At alpha = .05,4, 1 and 3 variables are significant as they have pvalue<.05
log(p/1-p) = .758 -.0063*32+.05*0+.0000008266*80000-.266*1 = .36
p = 1/(1+e^-.36) = .59

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