Solve properly..... It is believed that gasoline price is determined by the oil price and the overall economic activity in Demoland. A Demoishresearcher gathers data on gasoline prices, Gross Domestic Product (GDP) and oil prices over a 12 year period and runsthe following regression, which is estimated in terms of logarithms. The partial output is provided. A final observation isthat minimum and maximum values for log(GDP) are 12.03 and 12.35, respectively. The researcher claims that theoverall economic activity in the country positively affects the gasoline prices.log(Gasprice)=30+31 log(GDP) + 82 log(Oilprice) +Regression StatisticsMultiple RR²Adjusted-R²Standard ErrorObservationsANOVARegressionResidualTotal0.10752712dfSelect one:SS0.1040582.396792Coefficients Standard Error-1.071550.692191.368064InterceptLogGDPlogOilpriceWhat are the values of coefficient of determination and adjusted-R2, respectively?3.0823630.2520180.098742Use "Formula Sheet Fall 2020" if necessary.MSFP-valuet-Stat-0.34764 0.7361020.02260313.85496 2.24E-07Significance F7.4E-07a. 0.9566 and 0.9469b. 0.0434 and 0.0531c. 0.9912 and 0.9469d. 0.7693 and 0.7421e. We don't have enough information to compute those quantities.

Regression is a technique used in statistics to determine the relationship between dependent…

believed that gasoline price is determined by the oil price and the overall economic activity in Demoland. A Demoisi researcher gathers data on gasoline prices, Gross Domestic Product (GDP) and oil prices over a 12 year period and runs the following regression, which is estimated in terms of logarithms. The partial output is provided. A final observation is that minimum and maximum values for log(GDP) are 12.03 and 12.35, respectively. The researcher claims that the overall economic activity in the country positively affects the gasoline prices. log(Gasprice) - So+31 log(GDP)+ 8 log(Oilprice) + Regression Statistics Multiple R Rª Adjusted-Rª Standard Error Observations ANOVA Regression Residual Total 0.107527 12 df elect one: SS 0.104058 2.396792 Coefficients Standard Error -1.07155 0.69219 1.368064 3.082363 0.252018 0.008742 se "Formula Sheet Fall 2020" if necessary. MS Intercept LogGDP logOilprice What are the values of coefficient of determination and adjusted-R2, respectively? F t-Stat -0.34764 P-value 0.736102 0.022603 13.85496 2.24E-07 Significance F 7.4E-07 a. 0.9566 and 0.9469 b. 0.0434 and 0.0531 c. 0.9912 and 0.9469 d. 0.7693 and 0.7421 e. We don't have enough information to compute those qui

believed that gasoline price is determined by the oil price and the overall economic activity in Demoland. A Demoisi researcher gathers data on gasoline prices, Gross Domestic Product (GDP) and oil prices over a 12 year period and runs the following regression, which is estimated in terms of logarithms. The partial output is provided. A final observation is that minimum and maximum values for log(GDP) are 12.03 and 12.35, respectively. The researcher claims that the overall economic activity in the country positively affects the gasoline prices. log(Gasprice) - So+31 log(GDP)+ 8 log(Oilprice) + Regression Statistics Multiple R Rª Adjusted-Rª Standard Error Observations ANOVA Regression Residual Total 0.107527 12 df elect one: SS 0.104058 2.396792 Coefficients Standard Error -1.07155 0.69219 1.368064 3.082363 0.252018 0.008742 se "Formula Sheet Fall 2020" if necessary. MS Intercept LogGDP logOilprice What are the values of coefficient of determination and adjusted-R2, respectively? F t-Stat -0.34764 P-value 0.736102 0.022603 13.85496 2.24E-07 Significance F 7.4E-07 a. 0.9566 and 0.9469 b. 0.0434 and 0.0531 c. 0.9912 and 0.9469 d. 0.7693 and 0.7421 e. We don't have enough information to compute those qui

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Solve properly.....

It is believed that gasoline price is determined by the oil price and the overall economic activity in Demoland. A Demoish
researcher gathers data on gasoline prices, Gross Domestic Product (GDP) and oil prices over a 12 year period and runs
the following regression, which is estimated in terms of logarithms. The partial output is provided. A final observation is
that minimum and maximum values for log(GDP) are 12.03 and 12.35, respectively. The researcher claims that the
overall economic activity in the country positively affects the gasoline prices.
log(Gasprice)=30+31 log(GDP) + 82 log(Oilprice) +
Regression Statistics
Multiple R
R²
Adjusted-R²
Standard Error
Observations
ANOVA
Regression
Residual
Total
0.107527
12
df
Select one:
SS
0.104058
2.396792
Coefficients Standard Error
-1.07155
0.69219
1.368064
Intercept
LogGDP
logOilprice
What are the values of coefficient of determination and adjusted-R2, respectively?
3.082363
0.252018
0.098742
Use "Formula Sheet Fall 2020" if necessary.
MS
F
P-value
t-Stat
-0.34764 0.736102
0.022603
13.85496 2.24E-07
Significance F
7.4E-07
a. 0.9566 and 0.9469
b. 0.0434 and 0.0531
c. 0.9912 and 0.9469
d. 0.7693 and 0.7421
e. We don't have enough information to compute those quantities.

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