Consider the equation log(unemployed) = 0.284 - 0.025*spending + 0.0045 * int_rate. By how much (EXACTLY) does...
Consider the equation log(unemployed) = 0.284 - 0.025*spending + 0.0045 * int_rate. By how much (EXACTLY) does unemployed decrease when spending increases by 2?
(a) 5.1%.
(b) 5.2%
(c) 0.052%.
(d) 0.051%.
Homework Answers
It is example of log linear model.
If spending increases by 1 unit then unemployment decreases by (100)*(0.025) unit.
If spending increases by 2 unit then unemployment decreases by (100)*(.025)*(2)= 5%
It is approx to 5.1%
Answer- (a)
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