Americans elect a President every 4 years. We would like to know if the vote sha

Question

Americans elect a President every 4 years. We would like to know if the vote share of the incumbent U.S. president is associated with the growth in income over the previous 4 years. Y = “incumbent party vote share” variable is the percentage of Democrat and Republican votes that went to the incumbent President. X = the percentage change in income over the previous 4 years. The data are from US Presidential elections from 1948 to 2012. The fitted regression results are the following: Y = 45.9 + 2.3X. What is the correct interpretation of the slope coefficient, b2?

Explanation / Answer

The slope coefficient is 2.3 which indicates that for every percent increase in the income over the previous 4 years, the percentage of Democrat and Republican votes that went to the incumbent President is expected to increase by 2.3

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