Consider the following equation: ^CHICKEN = -85.4 - 0.58 PRICE + 88.76 ln (YD) CHICKEN -...

Consider the following equation:

^CHICKEN = -85.4 - 0.58 PRICE + 88.76 ln (YD)

CHICKEN - per capita consumption of chicken in pounds

PRICE - price of chicken in dollars per pound

YD - disposable income

a) Interpret the coefficient of ln(YD)

Expert Solution

The given equation is the equation of regression of line where estimated value of chicken consumption is dependent variable and price and Yd are the dependent variables.

orchestra answered 2 years ago

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