Estimate and interpret the model

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Reference no: EM131798825

The homeownership rate in the U.S. was 67.4% in 2009. In order to determine if homeownership is linked with income, 2009 state level data on homeownership rate (Ownership) and median household income (Income) were collected. A portion of the data is shown below; the complete data can be found on the text website, labeled Home Ownership.

1105_data on homeownership rate.png

a. Estimate and interpret the model: Ownership = β₀ + β₁ Income + ε.

b. What is the standard error of the estimate? Calculate and interpret S_e/.

c. Interpret the coefficient of determination.

Reference no: EM131798825

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