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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?
https://onlinelearning.scu.edu/courses/1212/files/256136?wrap=1
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