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Given the estimated model In(food-expenditure)=D0.8+0.7 In(income)+0.02 In(price_non food)+0.19 Rural where In is the base e logarithm. If income increase by 3%, food expenditure will increase by Select one: O a. 0.7% O b. 0.7 O C. 7% O d. 2.1%

Given the estimated model In(food-expenditure)=D0.8+0.7 In(income)+0.02 In(price_non food)+0.19 Rural where In is the base e logarithm. If income increase by 3%, food expenditure will increase by Select one: O a. 0.7% O b. 0.7 O C. 7% O d. 2.1%

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.7: Exponential And Logarithmic Models
Problem 19TI: Does a linear, exponential, or logarithmic model best fit the data in Table 2? Find the model.
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Given the estimated model In(food-expenditure)=D0.8+0.7 In(income)+0.02 In(price_non food)+0.19 Rural where In is the base e logarithm. If income increase by 3%, food expenditure will increase by Select one: O a. 0.7% O b. 0.7 O c. 7% O d. 2.1%
Transcribed Image Text:Given the estimated model In(food-expenditure)=D0.8+0.7 In(income)+0.02 In(price_non food)+0.19 Rural where In is the base e logarithm. If income increase by 3%, food expenditure will increase by Select one: O a. 0.7% O b. 0.7 O c. 7% O d. 2.1%
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