Suppose we want to estimate how production of oil in the United States changes over time. You estimate the following model usingdailydata fortwoyears. Assume the t variable is significant at the 5% level. Production is measured in tens of thousands (10,000s) of barrels per day and t is a standard time variable.

Based on the estimated model above, which of the following would be the correct interpretation for the estimated standard error of the model?Hint, make sure you are paying close attention to units.

Question 18 options:

We cannot interpret the standard error of this model because the units of production are in tens of thousands (10,000).

All our predictions of oil production will be off by 56,700 barrels per day using this model.

On average, our predictions of oil production will be 56,700 barrels per day using this model.

On average, our predictions of oil production will be off by 56,700 barrels per day using this model.

On average, our predictions of oil production will be off by 5.67 log units per day using this model.