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(a) The following model of number of dwellings approved for Tasmania has been estimated using quarterly data. log(dwelling,) = 1.437 + 1.268log(popn,) - 0. 0826irate
(a) The following model of number of dwellings approved for Tasmania has been estimated using quarterly data. log(dwelling,) = 1.437 + 1.268log(popn,) - 0. 0826irate (1.265) (0.261) (0.034) n=250, R2=0.64 where dwelling stands for the number of new dwelling units and houses approved in Victoria, popn represents the total population of the state, and irate is the commercial banks' standard variable interest rate for housing loans. The standard errors are in parentheses. Interpret the estimated intercept and slope coefficients of the model
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