A researcher estimates the relationship between the natural log of per capita beer consumption (Ln(bc)) and the natural log of consumers' expenditure (Ln(c)) between 1965-2015 using yearly observations.

a) The researcher runs the following regression: (standard errors in parentheses)

ALn(bc), = -0.085 + 0.441 ALn(c), - 0.422 Ln(bc),_, + 0.213In(@) + u