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Question 1 1. [1 point] Suppose the regression model is logarithmic: log(Y ) = β1 +...

Question 1

1. [1 point] Suppose the regression model is logarithmic: log(Y ) = β1 + β2 log(X) + u. The estimate of β2 is 0.035. What is the interpretation of this coefficient?

2. [1 point] Suppose the regression model is semi-logarithmic: log(Y ) = β1 + β2X + u. The estimate of β2 is 0.035. What is the interpretation of this coefficient?

3. [1point]Supposetheregressionmodelhasquadraticterm: Y =β1+β2X+β3X2+u. The estimate of β2 is 0.035. What is the interpretation of this coefficient?

4. [1 point] Suppose the regression model has interactive term: Y = β1 + β2X2 + β3X3 +β4X2X3 + u. The estimate of β2 is 0.035. What is the interpretation of this coefficient?

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Answer #1

1)on an average, An Increase in X by 1% will increase Y by 0.035% keeping other factor constant.

2) on an average, an increase in X by 1 unit will increase Y by 3.5%

3) on an average, an increase in X by 1unit will increase Y by 0.035 unit

4) on an average, 1 unit increase in X2 will increase Y value by 0.035

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