Question 3We have a time series dataset from the US which includes the following variables for the period 1960-1999:Y:: Per capita chicken consumption (in pounds) in year t.PC: The price of chicken (in cents per pound) in year t.PB: The price of beef (in cents per pound) in year t.YD:: Per capita disposable income (in hundreds of dollars) in year t.YD2:: YD: squared, i.e. YD2, = YD?We estimate by OLS the following regression model:Table 2■I■Dependent variable: YNumber of observations: 40VariableinterceptPCPBYDYD2R-squaredF statistic(p-value)a)Coefficient27.6-0.610.090.20-0.00010.998.74(0.006)Standard Error1.580.160.040.010.00005Provide an interpretation for the coefficient on PB. Is its sign consistent with yourexpectations? Explain.

The coefficient for the Variable PB is 0.09. the Regression coefficient tells us the change in the…

Answered: a) Provide an interpretation for the…

Linear Algebra: A Modern Introduction

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a) Provide an interpretation for the coefficient on PB. Is its sign consistent with your expectations? Explain.