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Can you help me interpret a multiple regression equation I calculated:
Weekly Riders = 124.4269434 - 166.9640527 Price per Ride + 0.62095457 Population - 0.0472157 Income + 194.67978811 Parking Rate
The assignment was to calculate the regression and interpret the estimated regression coefficients. I am having trouble putting this into words. I feel like this is telling me that is any independent variables are held constant, then the number of weekly riders will decrease by 167 with an increase in price, increase minutely with an increase in population, decrease even less with an increase in income, and increase by 195 riders with increases in parking rates.
Is this correct?
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