The table below (on the next page) lists data on the indexes of aggregate final energy demand (Y), real GDP (X), and real energy price (X2) for several developed countries. Estimate a log-liner model (ie., both dependent and independent variables are in the log form) specified below: LaY, A B,LnX + BLnX; +u 1) Estimate the intercept and regression coefficients and their standard errors. 2) Do the regression results make economic sense? Briefly explain 3) What is the income and price elasticity of energy demand? Is energy demand price elastic? Does this price elasticity make economic sense? 4) Test the hypothesis that Bi-B: 0. Year Final demand Real GDP Real energy price 1960 54.1 54.1 111.9 1961 55.4 56.4 112.4 1962 58.5 59.4 111.1 1963 61.7 62.1 110.2 1964 63.6 65.9 109.0 1965 66.8 69.5 108.3 1966 70.3 73.2 105.3 1967 73.5 75.7 105.4 1968 78.3 79.9 104.3 1969 83.8 83.8 101.7 1970 88.9 86.2 97.7 1971 91.8 89.8 100.3 1972 97.2 94.3 98.6 1973 100.0 100.0 100.0 1974 97.4 101.4 120.1 1975 93.5 100.5 131.0 1976 99.1 105.3 129.6 1977 100.9 109.9 137.7 1078 103.9 114.4 133.7 1979 106.9 118.3 144.5 1980 101.2 119.6 179.0 1981 98.1 121.1 189.4 1982 95.6 120.6 190.9