You wanted to test whether income has significant effect on household consumption. Which of the following represents the approximate critical value for this test at 1% level of significance? Critical value of t with 1% level of significance and 2 and 498 df is: F = 2.326 O Critical value of F with 1% level of significance and 2 and 496 df is: F = 4.61 Critical value of F with 1% level of significance and 3 and 496 df is: F = 2.60 Critical value of t with 1% level of significance and 496 df: t = 2.576Question 4 (0.5 points) Consider the following regression model, log(CON)=Bo + B1INC + B2INC2 + B3PRICE + u Where CON = Household consumption expenditure INC = Household income INC2 = Household income squared PRICE = General price level Regression Estimates- Dependent variable: log(CON) Variables Coefficient Estimates and (Standard Errors) Equation 1 Equation 2 Constant 1.2136 1.5731 (0.1961) (0.0849) INC 0.0029 (0.001) INC2 0.0013 (0.00051) PRICE -0.0081 -0.0095 (0.0035) (0.0017) N (Number of Observations) 500 500 SSR (Sum of Squared Residuals 145.63 184.09 R2 0.52 0.45