Refer to the following table. Find out the rate of growth of expenditure on durable goods. What is the estimated semielasticity? Interpret your results. Would it make sense to run a double log regression with expenditure on durable goods as the regress and and time as the regress or? How would you interpret the slope coefficient in this case?

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Year or quarter EXPSERVICES EXPDUR EXPNONDUR PCEXP 2003-1 4,143.3 4,161.3 4,190.7 4,220.2 971.4 2,072.5 2,084.2 2,123.0 2,132.5 7,184.9 7,249.3 7,352.9 7,394.3 2003-|| 1,009.8 1,049.6 1,051.4 2003-I|| 2003-IV 2004-1 4,268.2 4,308.4 4,341.5 4,377.4 1,067.0 1,071.4 1,093.9 1,110.3 2,155.3 2,164.3 2,184.0 2,213.1 7,479.8 7,534.4 7,607.1 7,687.1 2004-I| 2004-I|| 2004-IV 2005-I 4,395.3 4,420.0 4,454.5 4,476.7 1,116.8 1,150.8 1,175.9 1,137.9 2,241.5 2,268.4 2,287.6 2,309.6 7,739.4 7,819.8 7,895.3 7,910.2 2005-1| 2005-I|I 2005-IV 2,342.8 2,351.1 2,360.1 2006-I 4,494.5 4,535.4 4,566.6 1,190.5 1,190.3 1,208.8 8,003.8 8,055.0 8,111.2 2006-I| 2006-II|