How do you interpret the estimated value of 2 in the following model lny 1 2

How do you interpret the estimated value of 2 in the

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10. How do you interpret the estimated value of 2in the following model?ln(y) = 1+ 2* ln(x)a.) the slope of the line representing the relationship between y and xb) the elasticity of y with respect to xc.) cannot be determined without more informationd.) the mean value of ln(y) when ln(x) = 0.Ans: bLevel: ModerateSection: 4.311. You have estimated the following simple regression model y = 379 + 1.44 x3What does this model predict y to be when x = 8.49?12. You have estimated the following simple regression model y = 379 + 1.44 x3What is the elasticity when x = 8.49?13. You have estimated a model of two variables related such that ln(y) = 17.3 - .04 xIf x decreases by 2 units, what is the expected change in y?14. While working with the sales manager of your firm you have estimated the following model of sales volume as a function of monthly household income:
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(0.781) (0.392)Where Q is monthly sales volume, I is monthly household income in thousands, and standard errors are listed below the parameter estimates.What is the income elasticity of your firm’s product?a.) 1.212b.) 2.206c.) 3.418d.) 4.630Ans: aLevel: EasySection: 4.615. While working with the sales manager of your firm you have estimated the following model of sales volume as a function of monthly household income:(0.781) (0.392)Where Q is monthly sales volume, I is monthly household income in thousands, and standard errors are listed below the parameter estimates.
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