Suppose that you are interested in estimating the link between the unemployment rate (unem), size of the city population (pop), and number of crimes (crimes). The following equation has been estimated using data on U.S. cities:
log( ) = −2.13 + 0.001unem + 0.98 log(pop), n = 92, R2 = 0.854.
a. Interpret the coefficient on unem. Be specific.
b. Interpret the coefficient on log(pop). Be specific.
c. What are the units of measurement for the R2 in this regression (number of crimes? percentage points? or is R2 unit-free)? Explain.
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