What is the correct interpretation of the below regression model, if the GNP is in billion rupees and SAV is in million rupees? ln(GNP) = 0.02 + 3.00 ln(SAV)

a.

The GNP will increase by 3% for 1% increase in SAV.

b.

The GNP will increase by 0.02% million rupees for 1% increase in SAV.

c.

The GNP will increase by 0.02 billion rupees for 1% increase in SAV.

d.

The GDP will increase by 3% for one billion rupees increase in SAV.