CigaConsm = 14.5 + 0.05 LnInc + 0.75LnCigPr. + 0.025LnExcTax - 0.034Gender T-stats: (2.90) (2.30) (2.25) (2.40) (-1.27) Where CigaConsm represents cigarette consumption in millions of boxes per year in a given state; Inc is median household income of the State; Cigpr is cigarette price per pack; Exctax is Excise tax per pack of Cigarette, and Gender is the Dummy variable designating if the state has 50% or more female. R-Square = 0.92 T-Critical: 1.96 at 46 degrees of freedom; n (sample size) = 51. a) Interpret the Estimated parameters b) If price of Cigarette were to increase by 10%, some may claim that the consumption will go down by 20%; Are they right? Why or Why not? c) Suppose it is argued that Female in general smoke less than Male, Do you agree or disagree? Why? d) In the state of Wyoming median Income per-capita is $47,000, A pack of cigarette is sold at $6.0 and the Excise tax per pack is $1.50. How many packs of cigarette are consumed every year? e) If the legislatures in the State of Wyoming decide to increase the Excise Tax rate by 20% from its present rate, $1.50 per pack, then their