In 2003 the value oflnconsumptionfor Michigan was 3.04 the value oftaxwas .20 and the value ofunemploymentwas 7.1. Using this information and the regression results above calculate the estimated residual for Michigan.HTML Editor9.Interpret the coefficient on tax.HTML Editor10.The unemployment rate is measured in percentage terms on a scale that runs from 0 to 100. What would the coefficient on the unemployment rate have been in this regression if the unemployment rate were measured as a proportion that is on a scale from zero to one?11.Which if either of the variables in this regression is statistically significant at the 5% level against the two sided alternative hypothesis? Explain how you reached your conclusion.HTML Editor12.When the same regression model is estimated using data from 1997 rather than 2002 the coefficient on the unemployment variable is +.007 with a standard error of .023. True False Explain. The difference between the estimated coefficients on unemployment from the 2003 sample and the 1999 sample indicates that one or both of these estimates must be biased.HTML Editor13.Test the hypothesis that neither of the variables in this regression has an impact on per capita beer consumption. Use a significance level of 5%.
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