b) Consider the following regression model; Y = 24.7747 + 0.9415X2¡ + 0.0424X3¡ %3D (6.7525) (0.8229) (0.0807) t = (3.6690) (1.1442) (0.5261) R2 = 0.9635 R = 0.9531 df = 7 RSS = 8,565.5541 ESS = 324.4459 %3D %3D %3D %3D where X2 = income; X3 = wealth and Y = consumption %3D (i) How would you interpret the model?

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