3. Briefly interpret the estimated slope coefficient in each one of the following models. Next, compute. the unit change in (y) as a result of a one unit increase in (x) according to each model given that ?0 = 154 ??? ?0 = 10.
a. ?̂? = 183 + 120.5 ln ?
b. ??̂?? = 150 + 0.019?
c. ??̂?? = 70 + 3.5 ln ?
(A) The model here is given by,
Here the slope coefficient is 120.5, which means that on one unit increase in the regressor log(X), the response Y increases by 120.5 units on average. If X = 10, then the estimate of Y is,
(B) The model here is given by,
Here the slope coefficient is 0.019, which means that on one unit increase in the regressor X, the response log Y increases by 0.019 units on average. If X = 10, then the estimate of log Y is,
(C) The model here is given by,
Here the slope coefficient is 3.5, which means that on one unit increase in the regressor log X, the response log Y increases by 3.5 units on average. If X = 10, then the estimate of log Y is,
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