Suppose you are given the following data on real compensation per year (Y)and output per hour (X) in the business sector between 1989-2008. Year 1989 1990 1991 1992 Y 58.5 59.9 61.7 63.9 1993 65.3 1994 67.8 1995 69.3 1996 71.8 61.0 1997 73.7 62.3 1998 76.5 64.5 Compute the ordinary least square estimates and interpret the result. X 47.2 48.0 49.8 52.1 54.1 54.6 58.6 Year 1999 2000 2001 2002 2003 2004 2005 2006 Y 77.6 79.0 80.5 82.9 2007 2008 84.7 83.7 84.5 87.0 88.1 89.7 X 64.8 66.2 68.8 71.0 73.1 72.2 74.8 77.2 78.4 79.5

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