Use the data set oecd_gas_demand, which comes from Baltagi and Griffin XXXXXXXXXXRegress the (natural) logarithm of gas consumption per car (lgaspcar) on the logarithms of income per capita...

Use the data set oecd_gas_demand, which comes from Baltagi and Griffin (1983).1 Regress the (natural) logarithm of gas consumption per car (lgaspcar) on the logarithms of income per capita (lincomep), real motor gasoline price (lrpmg), and the stock of cars per capita (lcarpcap) and dummy variables for years 1961 to 1978 (using 1960 as the reference year).

a. Interpret the coefficient estimate on the variable, lrpmg.

b. Interpret the coefficient estimate on the variable for year 1975.