For the logarithmic model y = β₀ + β₁ln(x)+ ε,β₁/100 is the approximate change in E(y)when x increases by one percent.

Name: For the logarithmic model y = β 0 + β 1 ln(x)+ ε,β 1 /100 is the approximate change in E(y)when x increases by one percent.
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Quizplus · Accepted Answer

In a logarithmic model, β₁ represents the elasticity of y with respect to x, meaning a 1% change in x results in an approximate β₁% change in E(y). Thus, β₁/100 is the change in E(y) for a 1% increase in x.

For the Logarithmic Model Y = β0 + β1ln(x)+ ε,β1/100

For the Logarithmic Model Y = β₀ + β₁ln(x)+ ε,β₁/100