The estimated equation of housing expenditures in USA using 14 data is estimated as follow: HOUS: Housing expenditures (

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answerhappygod
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The estimated equation of housing expenditures in USA using 14 data is estimated as follow: HOUS: Housing expenditures (

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The estimated equation of housing expenditures in USA using 14
data is estimated as follow: HOUS: Housing expenditures ($), INC:
Income ($). Standard errors are in parenthesis. HOUS = -740000000 +
41727767 In (INC) (53455198) (2790582)
R2 = 0.96 The mean of housing expenditures is 180 (milllion $)
and the mean of income is 420 million $. What is the elasticity of
housing expenditures?
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