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Fuel demand in OECD countries: Use multiple regression (for the OECD sample) to estimate the demand function for motor fuels (again using fuelcon and fuelprice),

Fuel demand in OECD countries:

  • Use multiple regression (for the OECD sample) to estimate the demand function for motor fuels (again using fuelcon and fuelprice), with quantity as a function of both the price and income (per capita GDP). Run the regression once in a linear specification and once in terms of the natural logs of the variables. Display the tables of results.
  • 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?

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