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Assume Y represents the number of slices of bread consumed per person, per day. X represents the price of one pound of bread, measured in dollars. Z represents the income of the consumer. A two variable linear model is computed from the data available, and the result is given as follows:. The R-square for the model is found to be R2 = 0.5972. What is the interpretation of R-square?

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MCQs on Econometrics, which is the use of statistical methods to develop theories or test existing hypotheses in economics or finance. 
 


Assume Y represents the number of slices of bread consumed per person, per day. X represents the price of one pound of bread, measured in dollars. Z represents the income of the consumer. A two variable linear model is computed from the data available, and the result is given as follows:<br><img src='https://www.fatskills.com/images2/GradExams/1A4A8483-8E90-4014-AE89-E8EB18A945ED.png' height='24' width='174'/>. The R-square for the model is found to be R<sup><sub>2</sub></sup> = 0.5972. What is the interpretation of R-square?





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