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I regressed LogCost on LogSeatMiles, LogPriceLabor, LogPriceMaterials Log PriceFuel Here are the results: Variable Coefficient Log SeatMiles
I regressed LogCost on LogSeatMiles, LogPriceLabor, LogPriceMaterials Log PriceFuel
Here are the results:
Variable Coefficient
Log SeatMiles .8958442
Log PriceLabor .287488
Log PriceMaterials -.0987056
Log PriceFuel .2973048
I want to double check and make sure that I am doing this correctly:
A 1% increase in seat miles increases variable costs by 0.90% all else held constant. A 1% increase in the price of labor increases variable cost by 0.029% all else held constant. A 1% increase in the price of materials decreases variable cost by 0.099% all else held constant. A 1% increase in the price of fuel increases variable cost by 0.30% all else held constant.
Expert Solution
You should quote the log factor too.
A 1% increase in log of seat miles increases log of variable costs by 0.90% all else held constant. A 1% increase in the log of price of labor increases log of variable cost by 0.029% all else held constant. A 1% increase in the log of price of materials decreases variable cost by log of 0.099% all else held constant. A 1% increase in the log of price of fuel increases variable cost by log of 0.30% all else held constant.
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