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In these videos, we describe what are functional forms? Up until now, we have seen models, involving linear dependent variables and linear independent variables. Now, we will see cases, involving non-linear dependent and non-linear independent variables.
These are used to describe several real life phenomenon, such as, if we are interested in finding elasticity of dependent variable wrt an independent variable, then log-log model should be used; if we want to find out how much is the percentage change in dependent variable (say, food expenditure) wrt to a unit change in independent variable(say, total expenditure) then log-lin model should be used, similarly we discuss the cases, where lin-log and reciprocal models are also used and how to interpret slope coeffecient in each of these models.
Functional Forms introduction
Functional forms elasticities
log log model
log lin model
lin log model
