) (6 points) State the null hypothesis that size of the student body relative to the population has no effect on monthly rents. State the alternative hypothesis that there is an effect. (b) (6 points) What signs do you expect for β1 and β2 and why?

(a) (6 points) State the null hypothesis that size of the student body relative to the population has no effect on monthly rents. State the alternative hypothesis that there is an effect. (b) (6 points) What signs do you expect for β1 and β2 and why? (c) (5 points) Using data for 1990 for 64 college towns, suppose Ansah, Jones,Tungara, and Whaley (2012) estimate the following: log(rent)=0.043 + 0.066log(pop)+0.507log(avginc)+0.0056pctstu se (0.844) (0.039) (0.081) (0.0017) What is wrong with the statement: “A 10% increase in population is associated with a 6.6% increase in rent”? (d) (5 points)Is there statistically significant evidence that average city income has an effect on monthly rent? 4

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