A model fit predicting preference for President
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A model fit predicting preference for President

3. A model fit predicting preference for President (Democrat, Republican Independent) suing x = annual income (in $10.000 dollars) is log(ˆπD/πˆI ) = 3.0 − 0.3x and log(ˆπR/πˆI ) = 1.0 + 0.28

(a) State the prediction equation for log(ˆπR/πˆD). Interpret its slope.

(b) Find the range of x for which πˆR > πˆD

(c) State the prediction equation for πˆ.

Hint
StatisticsAnnual income is the amount of income that a person earns at the end of the whole 12 months, it involves everything from the yearly salary to bonuses, commissions tips and overtime earned. Annual income is calculated before any deductions are made....
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