Interpretation of regression equation?? Given the following data: The regression

Question

Interpretation of regression equation??

Given the following data:

The regression equation is : profit = 30 + 0.00543 income - 237 Gender - 49.2 family-member

How do you interpret this? For example can we say for a given amount of income and family number profit will decrease by $237 with an increase of either male for female? Not sure if that makes sense

profit income Gender family-member 157 45000 1 1 -181 55000 1 2 -253 45800 1 4 158 38000 1 3 75 75000 1 4 202 99750 1 4 -451 28000 1 1 146 39000 1 2 89 54350 1 1 -357 32500 1 1 522 36750 0 1 78 42500 0 3 5 34250 0 2 -177 36750 0 3 123 24500 0 2 251 27500 0 1 -56 18000 0 1 453 24500 0 1 288 88750 0 1 -104 19750 0 2

Explanation / Answer

For a given amount of income and family member the profit will decrease by 237 for either a male or female

That means if gender = 1 means male ,

then for male profit decreases by 237 for same amount of income and family member than a female

Also with increase in 1 family member , profit will decrease with an average of 49.2 , other things remaining constant

Also with increase in 1 unit of income profit will increase with an average of .00543

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