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 slope coefficient for thetvariable?Hint, make sure you are paying close attention to units.

Question 17 options:

Each day, oil production in the United States increases by 1.223 barrels, on average.

Each day, oil production in the United States increases by 1,223 barrels, on average.

Each day, oil production in the United States increases by 110,723 thousand barrels, on average.

Each day, oil production in the United States increases by 1.223%, on average.

Each day, oil production in the United States increases by 12,230 barrels, on average.