Answer this question and explain it. This is an exercise. The following logit model from J.S Cramer on the household budget survey of980 was based on a sample of 2820 households. The purpose is to determinecar ownership as a function of income. Car ownership was a binary variable:Y=1 if a household owns a car, zero otherwise.-2.7720.348 In IncomeOwn =(-3.35)(4.05)x2 = 16.681 ,p – value:0.000The number in the parentheses are t statistics.a. Interpret the estimated logit model.b. From the estimated logit model, how would you obtain the expression forthe probability of car ownership?c. What is the probability that a household with an income of $20,000 will ownа car?

The logit model representing the car ownership as a function of income is given as follows:…

The following logit model from J.S Cramer on the household budget survey of 980 was based on a sample of 2820 households. The purpose is to determine car ownership as a function of income. Car ownership was a binary variable: Y=1 if a household owns a car, zero otherwise. -2.772 + (-3.35) 0.348 In Income Own = %3D (4.05) x2 = 16.681 ,p – value:0.000 The number in the parentheses are t statistics. a. Interpret the estimated logit model. b. From the estimated logit model, how would you obtain the expression for the probability of car ownership? c. What is the probability that a household with an income of $20,000 will own а car?