Overview: Calculate a regression and interpret it.

a) Download the sheet containing Michigan GDP by quarter and the total Michigan income from Proprietors of business. b) Properly format the data so you can do a regression (note that paste has a Transpose function) c) Do a regression and write some interpretation of the data. d) Take both the columns of data you have and take the natural log of each column. In Excel the command is ln ( column row ) e.g. (ln(c3)). Do another regression using the natural log-transformed variables. e) When you have a ln-ln regression model, the interpretation is approximated by a percentage (formally it is e^x or Exp(x) where x is the parameter coefficient). In other words, if the coefficient is .03X, it would mean the Y variable increases by 3% for every unit change in X. Based on your analysis, what percentage of total Michigan GDP do Proprietors contribute? Is it statistically significant?