Question: Statistics - log-log models - Need help and if you wouldn't mind showing steps that would be great! I have 6.331 and 5.954 as my

Statistics - log-log models - Need help and if you wouldn't mind showing steps that would be great! I have 6.331 and 5.954 as my answers.

Log-Log Model. Assume we have an estimated Log-Log model with an estimated intercept of 1.2 and an estimated slope of 3.1. Tn'd')' = 1.2 + 3.lln(x) A two percent increase in x is related to a ___________ percent predicted increase in the median of the response. Hint: We are referring 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. Log-Log Model. Assume we have an estimated Log-Log model with an estimated intercept of 1.2 and an estimated slope of -3.1. W = 1.2 3.1mm A two percent increase in x is related to a ___________ percent predicted decrease in the median of the response. Hint: We are referring 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

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