Question: Log-Log Model. Assume we have an estimated Log-Log model with an estimated intercept of 1.2 and an estimated slope of -3.5. ^in(y) = 1.2 -
Log-Log Model. Assume we have an estimated Log-Log model with an estimated intercept of 1.2 and an estimated slope of -3.5. ^in(y) = 1.2 - 3.5ln(x) $$ A 2 percent increase in x is related to a ___________ percent predicted decrease in the median of the response. Hint: We refer to the natural log transformation here for both the response and the explanatory variable. If your answer is 5.25 percent type 5.25 Record your answer with at least 2 decimal places. Hint: your final answer should be a positive number since we already accounted for the negative value with the word decrease
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