I am performing a simple single variate regression on the variables crime rate (denoted by crrate) and the probability of getting arrested (denoted by prarrest). To be precise, the variables are defined as:
- crrate: ratio of the number of crimes committed to county population
- prarrest: 100* the ratio of arrests to offenses.
The slope coefficient value I got when I regressed crrate on prarrest is -0.067. How can this coefficient be interpreted?
Ceteris paribus, one percentage point increase in prarrest causes the number of crimes committed per 1000 county residents to go down by 67.
Is this interpretation correct? If not, how can it be improved?