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To obtain the regression output below the dependent variable real consumption was regressed on an independent variable RealGDP and an independent variable RealRate the variable
To obtain the regression output below the dependent variable real consumption was regressed on an independent variable RealGDP and an independent variable RealRate the variable real consumption is the real level of US consumption expenditure measured in year 2012 dollars. The variable RealGDP is the real level of US gross domestic product measured in billions of dollars. The variable RealRate is the real interest percentage rate paid on an average to the holders of AAA corporate bonds. Present these results professionally and provide an economic interpretation of the 0.69 coefficient on RealGDP and the -1,82 coefficient onRealRate. Neither of these coefficients is an elasticity. Explain, just using words, why the elasticity concept provides a standardized common way of presenting cause and effect
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