How do you interpret the estimated value of in the following equation: In(ENT_EXP) = a + * (INCOME) + e Where INCOME is the annual household income (in thousands) and In(ENT_EXP) is the natural log of annual entertainment expenses. a. the income elasticity of entertainment b. when multiplied by 100 it is the percentage increase in entertainment expenses associated with an additional $1000 in C. income the increase in entertainment expenses associated with a 1% increase in income Od. the average of the logarithm of entertainment expenses for a household with zero income

How do you interpret the estimated value of in the following equation: ln(ENTEXP)=+(INCOME)+e Where INCOME is the annual household income (in thousands) and In(ENT_EXP) is the natural log of annual entertainment expenses. a. the income elasticity of entertainment b. when multiplied by 100 it is the percentage increase in entertainment expenses associated with an additional $1000 in income c. the increase in entertainment expenses associated with a 1% increase in income d. the average of the logarithm of entertainment expenses for a household with zero income