* 6. Estimate the error correction model ardl lprod lprice larea, lags (1 5 0) ec ARDL (1,5,0) regression Sample: 2010 - 2020 Number of obs 11 R-squared 0.9992 Adj R-squared 0.9959 Log likelihood - 54.464159 Root MSE 0.0040 D.1prod Coef. Std. Err. (954 Conf. Intervall ADJ 1prod L1. -.8861872 .034489 -25.69 0.002 -1.034581 -.7377931
* 6. Estimate the error correction model ardl lprod lprice larea, lags (1 5 0) ec ARDL (1,5,0) regression Sample: 2010 - 2020 Number of obs 11 R-squared 0.9992 Adj R-squared 0.9959 Log likelihood - 54.464159 Root MSE 0.0040 D.1prod Coef. Std. Err. (954 Conf. Intervall ADJ 1prod L1. -.8861872 .034489 -25.69 0.002 -1.034581 -.7377931
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
interpret the long-run and short-run elasticities
![* 6. Estimate the error correction model
ardl lprod lprice larea, lags (1 5 0) ec
ARDL (1,5,0) regression
Sample: 2010 - 2020
Number of obs
11
R-squared
0.9992
Adj R-squared
0.9959
Log likelihood =
54.464159
Root MSE
0.0040
D.1prod
Coef.
Std. Err.
p>|t|
[95% Conf. Interval]
t
ADJ
1prod
L1.
-.8861872
034489
-25.69
0.002
-1.034581
-.7377931
LR
lprice
-.642893
-0315998
-20.34
0.002
-.7788558
-.5069301
larea
-.3739829
.04655
-8.03
0.015
-.5742715
-.1736944
SR
1price
Di.
.5326212
.0133224
39.98
0.001
-4752995
.5899429
LD.
.6174487
.0186903
33.04
0.001
537031
.6978664
L2D.
.4586068
.020788
22.06
0.002
3691631
.5480504
L3D.
.2433172
.0165565
14.70
0.005
.1720804
.314554
L4D.
115978
.0107869
10.75
0.009
.069566
.1623901
cons
16.04797
-4630917
34.65
0.001
14.05544
18.04049](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe463b823-c0ee-435f-931f-1bb923a6755a%2Fe2e1f9d0-152e-4497-9fc2-01fefc7be8d3%2F6qyccu_processed.png&w=3840&q=75)
Transcribed Image Text:* 6. Estimate the error correction model
ardl lprod lprice larea, lags (1 5 0) ec
ARDL (1,5,0) regression
Sample: 2010 - 2020
Number of obs
11
R-squared
0.9992
Adj R-squared
0.9959
Log likelihood =
54.464159
Root MSE
0.0040
D.1prod
Coef.
Std. Err.
p>|t|
[95% Conf. Interval]
t
ADJ
1prod
L1.
-.8861872
034489
-25.69
0.002
-1.034581
-.7377931
LR
lprice
-.642893
-0315998
-20.34
0.002
-.7788558
-.5069301
larea
-.3739829
.04655
-8.03
0.015
-.5742715
-.1736944
SR
1price
Di.
.5326212
.0133224
39.98
0.001
-4752995
.5899429
LD.
.6174487
.0186903
33.04
0.001
537031
.6978664
L2D.
.4586068
.020788
22.06
0.002
3691631
.5480504
L3D.
.2433172
.0165565
14.70
0.005
.1720804
.314554
L4D.
115978
.0107869
10.75
0.009
.069566
.1623901
cons
16.04797
-4630917
34.65
0.001
14.05544
18.04049
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