Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Following regression show the relationship between the food expenditure (y) and income (x). y^=12 566ln(x) where ln is a natural log. We can interpret the
Following regression show the relationship between the food expenditure (y) and income (x). y^=12 566ln(x) where ln is a natural log. We can interpret the slope coefficient as: a 1 dollar increase in income will increase food expenditure on average by $5.66 a 1% increase in income will increase food expenditure on average by $566 a 1% increase in income will increase food expenditure on average by $5.66 a 1% increase in income will increase food expenditure on average by 5.66% a 1 dollar increase in income will increase food expenditure on average by $5.66%
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started