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Regression Results

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Please help interpret the regression results.

I regressed LogCost on LogSeatMiles, LogPriceLabor, LogPriceMaterials Log PriceFuel

Here are the results:

Variable Coefficient
Log SeatMiles .8958442
Log PriceLabor .287488
Log PriceMaterials -.0987056
Log PriceFuel .2973048

I want to double check and make sure that I am doing this correctly:

A 1% increase in seat miles increases variable costs by 0.90% all else held constant. A 1% increase in the price of labor increases variable cost by 0.029% all else held constant. A 1% increase in the price of materials decreases variable cost by 0.099% all else held constant. A 1% increase in the price of fuel increases variable cost by 0.30% all else held constant.

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Solution Summary

Assess regression results in the solution.

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You should quote the log factor too.

A 1% increase in log of seat miles increases log of variable costs by ...

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