Discuss the correct interpretation of the predicted change in y associated with a one unit change in x for the log-log model.

SUMMARY OUTPUT In(y) =1.6052 + 3.0166 * In (Mortgage Rate) or y = exp(1.6052 + 3.0166 * In (Mortgage Rate)) Regression Statistics y = exp ( 1.0652 + 3.0166 * In (Mortgage Rate) + 0.2504 2/2) Multiple R 0.8560 R Square 0.7327 Adjusted R Square 0.7281 0.8 Standard Error 0.2504 Observations 60 0.6 ANOVA 0.4 df SS MS F Significance F Regression 1 9.97320146 9.97320146 159.0100823 2.91591E-18 0.2 Residual 58 3.637792499 0.06272056 Residuals Total 59 13.61099396 -0.2 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 1.6052 0.4157 3.8611 0.0003 0.7730 2.4374 0.7730 2.4374 -0.4 LN(Mortgage Rate) 3.0166 0.2392 12.6099 0.0000 2.5377 3.4955 2.5377 3.4955