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2. Calculating R2 and 2 Suppose you estimate the regression model in (1.), 9gas = a + BgasPgas + . After estimation, you find that the total sum of squares (SST) is 12,500, the explained sum of squares (SSE) is 6,750, and the residual sum of squares (RSS) is 5,750. 1. What is the Rfor this regression? Remember, R2 = SSE = 1 SST RSS SST 2. How much of the variation in the dependent variable, gas supply, is explained by the model? 3. What is the estimate of the variance of the error, a?? This regression models gas supply for the U.S. based on state-level data - there are 51 observations. Remember, RSS (n-k-1) (n-k-1) G = == 3. Usine OLS Estimates with Multiple Variables Suppose you want to estimate the following regression modelling U.S.gas supply, where gas is the quantity supplied of gas, Pgas is the price of gas, Poil is the price of oil, and wage is the annual wage for gas industry workers in $1,000: qgas = a + BgasPgas + BoilPoil + Bwagewage + 1. What is the dependent variable in the regression model? 2. What are the independent variables in the regression model? Your estimates can be written as the following regression line: qgas = 50+ 0.25Pgas - 0.75poil - 0.05wage + E 3. If the price of gas increases by $1.00, by how much does the quantity supplied change? 4. If the price of oil increases by $1.00, by how much does the quantity supplied change? 5. If the annual wage of gas industry workers increases by $1,000 (Awage = 1), by how much does the quantity supplied change? 6. If the price of gas increases by $1.00 and the price of oil increases by $1.00, by how much does the quantity supplied change? 7. If Pgas,wy is 10.00, Poit,wy is 25.00 and wagewy is $50, what is the predicted quantity supplied for West Virginia, gas, wv? 8. Using the predicted quantity supplied for WV that you calculated in (7.) and the actual quantity of 150, what is the residual for WV? The residual can be found with the following formula, Ewy = qgas, wv - 9gas,wy Instead, suppose you estimate the log-log model of the U.S.gas supply equation. The estimated regression line is: log(@gas) = 10.50 +0.80 log(Pgas) + 0.25 logpoil) 0.15log(wage) 9. If the price of gas increases by 1%, by how much would the quantity supplied change? 10. If the price of oil increases by 1%, by how much would the quantity supplied change? 11. Based on the log-log model, is the supply of gas elastic or inelastic? 12. Suppose someone argues that as the number of gas producers increases the supply of gas increases. Should the number of gas producers be included in the supply equation