a study of expenditures on drink in cities resulting in the following equation: Ln E=0.673 Ln...
a study of expenditures on drink in cities resulting in the following equation:
Ln E=0.673 Ln Y + 0.158 log N
Where E is drink expenditures; Y is total expenditures on goods and services, and N is the size of the family. Using your own words, what does this equation imply?
Homework Answers
The above equation shown the regression model having log-log functional form.
This shows the relationship between drink expenditure, total expenditure and Size of the the family where E drink expenditure is the dependent variable and Y and N is the explanatory variable.
The regression cofficient for total expenditure is 0.0673 It shows the partial elasticity of Drink Expenditure with respect to Total expenditure keeping Size of the family constant.
Similarly, we have cofficient of size of family is equal to 0.158.
It shows the partial elasticity of drink expenditure with respect to Size of the family keeping total expenditure constant.
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