Silver Prices an Economist Is in the Process of Developing a Developing

question 33

Essay

Silver Prices
An economist is in the process of developing a model to predict the price of silver.She believes that the two most important variables are the price of a barrel of oil (x₁)and the interest rate (x₂).She proposes the first-order model with interaction: y = β₀ + β₁x₁ + β₂x₂ + β₃x₁x₃ + ε.A random sample of 20 daily observations was taken.The computer output is shown below. THE REGRESSION EQUATION IS y = 115.6 + 22.3x₁ + 14.7x₂− 1.36x₁x₂ S = 20.9 R−Sq = 55.4% ANALYSIS OF VARIANCE ​ ​
-{Silver Prices Narrative} Interpret the coefficient b₁.

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