(Solved): In class you have been exposed to functional forms of which empirical models can assume, even withi ...

In class you have been exposed to functional forms of which empirical models can assume, even within the confines of the linear-in-parameter regression models. The choice of a particular functional form may be comparatively more possible in the two-variable case. There is no denying that a great deal of skill and experience are required in choosing an appropriate model for empirical estimationt. 1.1 Compare and contrast the linear model, log-lin model and reciprocal model with respect to equation formulation, slope and elasticity coefficient. (6) 1.2 Suggest any 4 guidelines that may be used to select an appropriate model for empirical estimation (4)