An economist is interested to see how consumption for an economy (in $ billions) is influenced by gross domestic product ($ billions) and aggregate price (consumer price index). The technology output of this regression is partially reproduced in the accompanying table.One economy in the sample had an aggregate consumption level of $3 billion, a GDP of $3.5 billion, and an aggregate price level of 125. What is the residual for this data point?

Answer is 0.48

Can you explain how this works?

Regression summary output Regression Statistics Multiple R 0.991 R Square 0.982 Adjusted R Square 0.976 Standard Error 0.299 Observations 10 ANOVA df SS MS F Signif F Regression 2 33.4163 16.7082 186.3250.001 Residual 0.6277 0.0897 Total 9 34.0440 Coeff StdError t Stat p-value Intercept - 0.0861 0.5674 - 0.152 0.8837 GDP 0.7654 0.0574 13.340 0.001 Price - 0.0006 0.0028 - 0.219 0.8330