Question: Using the UBSpricesdata in the alr4 package, plot the variable bigmac2009 versus bigmac2003.Explain why simple linear regression would not be appropriate for this model. Plot

Using the UBSpricesdata in the alr4 package, plot the variable bigmac2009 versus bigmac2003.Explain why simple linear regression would not be appropriate for this model. Plot log(bigmac2009) (the natural log of the variable bigmac2009) vs log(bigmac2003) and explain why this is more of an appropriate representation.Fit the linear model with log(bigmac2009) as the response and log(bigmac2003) as the predictor, and interpret the regression coefficients. Explain what the slope coefficient of log(bigmac2003) means in the context of the prices of bigmac2009.

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