The accompanying data file includes monthly data on the personal savings rate (Savings in %) and the
Question:
The accompanying data file includes monthly data on the personal savings rate (Savings in %) and the personal disposable income (Income in $ billions) in the U.S.
a. Estimate the linear model Savings = β0 + β1Income + ε and the log-log model ln(Savings) = β0 + β1ln(Income) + ε. For each model, predict Savings if Income = $10,500.
b. Which is the preferred model? Explain.
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a The regression results for both models are At ...View the full answer
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