Discuss the regression results: interpret the slope coefficients, discuss their statistical significance, and discuss the goodness of fit of the regressions. Are the results consistent with what you would expect for a demand relationship? How do you interpret the slope coefficients in the regressions in logs? Are they of a magnitude you would expect?

gappc fuelcon fuel price fuelcon country country Australia 51628.5977 313.963562 GDPPC VS. FUEL CONSUMPTION Australia 5.53506565 313.963562 Austria 44916.3594 240.083099 500 Austria 6.85159636 240.083099 Belgium 43006.9141 211.554703 Belgium 7.56461334 211.554703 450 Canada 46211.5352 426.851624 Canada 4.88459635 426.851624 400 Chile 12639.5244 107.399826 Chile 5.27029228 107.399826 Czech Republic 18910.0059 145.680145 350 Czech Repub 7.16196012 145.680145 Denmark 56485.8945 218.436981 300 Denmark 7.34419584 218.436981 Estonia 14062.2344 160.301071 Estonia 6.66232586 160.301071 250 Finland 43863.9688 214.884644 Finland 7.58407164 214.884644 (consumption of gasoline plus diesel fuel in gallons per Fuel Consumption year per capita 200 France 39170.2656 171.724152 France 6.84084129 171.724152 Germany 40163.8164 167.061279 150 Germany 7.24515247 167.061279 Greece 25832.2129 171.080521 100 Greece 7.82793808 171.080521 Hungary 12863.1338 110.13797 Hungary 7.1316967 110.13797 50 Iceland 39522.0508 250.27536 Iceland 7.64143372 250.27536 Ireland 45873.1836 244.064575 Ireland 7.55828142 244.064575 10000 20000 30000 400 00 50000 600 00 70000 800 00 0DO06 Israel 28522.4082 154.161758 Israel 7.74132872 154.161758 GDPPC Italy 33786.6445 156.267578 (GDP per capita in US$] Italy 8.37533379 156.267578 Japan 43063.1367 157.336014 Japan 7.09505939 157.336014 Korea, South 20540.1777 132.931259 Korea, South 6.42177343 132.931259 Mexico 9127.54102 130.824371 Mexico 3.24476767 130.824371 FUEL PRICE VS. FUEL CONSUMPTION Netherlands 46622.9023 187.237213 Netherlands 7.96395922 187.237213 New Zealand 32407.0703 280.687744 500 New Zealand 5.89479923 280.687744 450 Norway 85443.0625 247.476074 Norway 9.10520554 247.476074 Poland 12303.208 103.31691 400 Poland 6.56079865 103.31691 Portugal 21358.4258 155.992142 350 Portugal 7.41445589 155.992142 Slovakia 16036.0693 104.020935 300 Slovakia 7.15772629 104.020935 Slovenia 22897.9395 238.242157 250 Slovenia 6.82480574 238.242157 (consumption of gasoline plus diesel fuel in Fuel Consumption gallons per year per capita] 29956.1563 182.962494 200 fuelcon Spain Spain 6.62447166 182.962494 Sweden 49359.8672 213.519867 "Linear (fuelcon) Sweden 8.06493378 213.519867 Switzerland 70572.6563 212.459839 Switzerland 7.3859911 212.459839 Turkey 10049.7734 44.274086 50 Turkey 8.97900963 44.274086 United Kingdom 36237.6992 178.573074 United Kingdom 178.573074 United States 46611.9766 465.219482 2 3 B 9 10 United State 3.74558401 465.219482 Fuel Price (average of gasoline and diesel price in US$ per gallon, weighted by consumption shares)GDPPC VS. FUEL CONSUMPTION SUMMARY OUTPUT Regression Statistics Multiple R 0.58056685 R Square 0.33705786 Adjusted R Squar 0.31567263 Standard Error 71.1155753 Observations 33 ANOVA di SS MS F Significance F Regression 1 79711.3175 79711.3175 15.7612454 0.000397 Residual 31 156780.176 5057.42504 Total 32 236491.494 Coefficients itandard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 99.4912715 27.4910052 3.61904814 0.00103981 43.4229966 155.559546 43.4229966 155.559546 X Variable 1 0.00279623 0.00070433 3.97004351 0.000397 0.00135973 0.00423272 0.00135973 0.00423272FUEL PRICE VS. FUEL CONSUMPTION SUMMARY OUTPUT Regression Statistics Multiple R 0.39957724 R Square 0.15966197 Adjusted R Sq 0.13255429 Standard Erro 80.0670677 Observations 33 ANOVA of SS MS F Significance F Regression 1 37758.6985 37758.6985 5.88991692 0.02123406 Residual 31 198732.795 6410.73533 Total 32 236491.494 Coefficients itandard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 381.501069 77.3145223 4.93440375 2.5918E-05 223.817061 539.185076 223.817061 539.185076 X Variable 1 -26.465061 10.9048154 -2.4269151 0.02123406 -48.705579 -4.2245435 -48.705579 -4.2245435