A researcher wanted to investigate the electricity consumpti

A researcher wanted to investigate the electricity consumption at household level. Based on a (hypo… Show more A researcher wanted to investigate the electricity consumption at household level. Based on a (hypothetical) data set of 81 households, she obtained a lin-log regression model as follows: where: Y = electricity consumption (KWH per month) X1 = income (dollar) X2 = the price of electricity (dollar per KWH) D = dummy variable, D=1 if rural and D=0 otherwise. logX1 is log of X1 and log X2 is log of X2 (5 pts) List the statistically INSIGNIFICANT variable(s) in the model. Calculate the income elasticity of electricity consumption and interpret it.????? Would you expect the error variance will be free from heteroscedasticity? Why???? • Show less

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