Price elasticity estimates
| Price elasticity | |
| Long-run price elasticity | −0.717*** |
| Long-run bootstrapped price elasticity* (500 replication) | −0.684 (±0.017)*** |
| Short-run price elasticity | −0.465** |
| Coefficient on lagged residual | −0.518** |
| Post diagnostic tests | |
| Breusch-Pagan/Cook-Weisberg test for heteroskedasticity | χ2(1)=1.53; Prob>χ2=0.2156 |
| Durbin's alternative test for autocorrelation | Prob>χ2=0.577; χ2(1)=0.447; Lags 1 |
| Ramsey Regression Equation Specification Error Test (RESET) test | F(3, 9)=3.41; Prob>F = 0.0734 |
| Jarque-Bera normality test | Chi(2)=0.6319; Prob>χ2=0.7291 |
| Mean Variance inflation factor (VIF) | 1.31 |
SEs in parentheses: ***p<0.01, **p<0.05, *p<0.1.
*Bootstrapped SE using 1000 replications for long run price elasticity is given in bracket.