The logistic regression coefficient for the Family variable (measured in number of people) in the 11X model of loan offers is 0.605. Holding other X variables constant, if Family is increased by one person, what happens to the predicted odds of someone accepting a loan offer?
If the logistic regression coefficient for the Family variable is 0.605 in the 11X model of loan offers, it means that for every one-unit increase in the Family variable (number of people), the log odds of someone accepting a loan offer increase by 0.605, holding other X variables constant.
In logistic regression, the predicted odds (or probability) of an event happening can be obtained by exponentiating the coefficient of the variable of interest. In this case, if Family is increased by one person, the predicted odds of someone accepting a loan offer would increase by exp(0.605) = 1.832.
Therefore, increasing the Family variable by one person would result in the predicted odds of someone accepting a loan offer being approximately 1.832 times higher, holding other X variables constant.