7. You have quarterly time series on the percentage changes (growth rates) of real personal consumption expenditure, the percentage changes of real personal disposable income, the percentage change in industrial production, the percentage change in personal savings and the percentage change in the unemployment rate. The data is for the United States and ranges from 1970 Q1 to 2016 Q3 (187 observations). The R output is shown below. The method of OLS minimizes the sum of squared residuals (RSS). The minimized RSS is Residuals: Min 10 Median 30 Max -0.88296 -0.17638 -0.03679 0.15251 1.20553 Coefficients: Estimate Std. Error t value Pr>It!) (Intercept) 0.26729 0.03721 7.184 1.68e-11 *** Income 0.71449 0.04219 16.934 It!) (Intercept) 0.26729 0.03721 7.184 1.68e-11 *** Income 0.71449 0.04219 16.934