Using a sample of 100 consumers,a double-log regression model was used to estimate demand for gasoline.Standard errors of the coefficients appear in the parentheses below the coefficients. Ln Q = 2.45 -0.67 Ln P + .45 Ln Y - .34 Ln P_c_ars (20) (.10) (.25) Where Q is gallons demanded,P is price per gallon,Y is disposable income,and P_c_ars is a price index for cars.Based on this information,which is NOT correct? A)Gasoline is inelastic. B)Gasoline is a normal good. C)Cars and gasoline appear to be mild complements. D)The coefficient on the price of cars (P_cars)is insignificant. E)All of the coefficients are insignificant.

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The Answer of Using a sample of 100 consumers,a double-log regression model was used to estimate demand for gasoline.Standard errors of the coefficients appear in the parentheses below the coefficients. Ln Q = 2.45 -0.67 Ln P + .45 Ln Y - .34 Ln P_c_ars (20) (.10) (.25) Where Q is gallons demanded,P is price per gallon,Y is disposable income,and P_c_ars is a price index for cars.Based on this information,which is NOT correct? A)Gasoline is inelastic. B)Gasoline is a normal good. C)Cars and gasoline appear to be mild complements. D)The coefficient on the price of cars (P_cars)is insignificant. E)All of the coefficients are insignificant.

Using a Sample of 100 Consumers,a Double-Log Regression Model Was