The following table includes GDP(X) and the demand for food (Y) for a certain country over ten-year period. Year 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 Y 7 6 9 11 7 9 12 9 11 9 X 51 52 58 60 57 58 64 65 68 71 Based on the above information find the following:
A, Estimate the food function Y = β0+ β1X+ u and interpret your result.
B, Calculate elasticity of Y with respect to X at their mean value and interpret your result.
C, Compute r2 and find the explained and unexplained variation in the food expenditure.
D, Compute the standard error of the regression estimates and conduct tests of significance at the 5% significant level.​