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I am given this data.

Earrings P=$10 Toe rings P=$6
unit.  TU   MU   MU/P   TU.  MU.  MU/P
1        60    60.     6.        54.   54.     9
2        110  50.     5.       102  48.     8
3        150  40      4        144. 42.     7
4        180  30.    3         180  36.      6
5.       200  20.    2         204  24.     4
6.       210  10.    1         216  12.      2

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Nusrat Fatima
Nusrat FatimaLv10
28 Sep 2019

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Related questions

The Demand for soft drink (in cans per capita per year) is estimated as Log Q = a + b log P+ c log I + d log T

where Q = Soft drink consumption in cans per capita per year

P = 6-pack price

I = Income Per capita

T = Mean temperature across the 48 contiguous states in the United States
Soft Drink Demand Data:
cans/capita/yr 6 pack price income/capita mean temp
Q P I T
Alabama 200 2.19 13 66
Arizona 150 1.99 17 62
Arkansas 237 1.93 11 63
California 135 2.59 25 56
Colorado 121 2.29 19 52
Connecticut 118 2.49 27 50
Delaware 217 1.99 28 52
Florida 242 2.29 18 72
Georgia 295 1.89 14 64
Idaho 85 2.39 16 46
Illinois 114 2.35 24 52
Indiana 184 2.19 20 52
Iowa 104 2.21 16 50
Kansas 143 2.17 17 56
Kentucky 230 2.05 13 56
Louisiana 269 1.97 15 69
Maine 111 2.19 16 41
Maryland 217 2.11 21 54
Massachusetts 114 2.29 22 47
Michigan 108 2.25 21 47
Minnesota 108 2.31 18 41
Mississippi 248 1.98 10 65
Missouri 203 1.94 19 57
Montana 77 2.31 19 44
Nebraska 97 2.28 16 49
Nevada 166 2.19 24 48
New Hampshire 177 2.27 18 35
New Jersey 143 2.31 24 54
New Mexico 157 2.17 15 56
New York 111 2.43 25 48
North Carolina 330 1.89 13 59
North Dakota 63 2.33 14 39
Ohio 165 2.21 22 51
Oklahoma 184 2.19 16 82
Oregon 68 2.25 19 51
Pennsylvania 121 2.31 20 50
Rhode Island 138 2.23 20 50
South Carolina 237 1.93 12 65
South Dakota 95 2.34 13 45
Tennessee 236 2.19 13 60
Texas 222 2.08 17 69
Utah 100 2.37 16 50
Vermont 64 2.36 16 44
Virginia 270 2.04 16 58
Washington 77 2.19 20 49
West Virginia 144 2.11 15 55
Wisconsin 97 2.38 19 46
Wyoming 102 2.31 19 46

( Data in Excel have been saved in the folder of Exam I on weekly study materials

In order to receive full points, you need to show me in details how to get your answers. )

1) What is regression equation using multiple linear regression model?

How would you interpret the coefficients of each independent variable in the model? (5 points)

2) What is price elasticity of demand ? How would you interpret it? (5 points)

3) The approximate percentage increase or decrease in demand if 6-pack price percentage increases by 3%.

****MUST SHOW ALL WORK

Below is data on the weekly quantity demanded of pizza in a small town in South Georgia, prices, and average household incomes. Use the data to perform a linear regression analysis of price and income on quantity demanded. (20 points) a) How well does the regression fit the data?

b) What is the income elasticity of demand for pizza when the income (M) is $40 (thousand) and the price (P) is $30?

 

Quantity (Q)

Price (P)

Income (Y) in thousands

  

1

183

29.25

30.72

    

2

207

30.1

37.57

    

3

183

30.54

29.43

    

4

192

28.67

37.2

    

5

182

30.23

35.87

    

6

217

29.76

35.16

    

7

180

31.77

27.7

    

8

195

31.01

32.96

    

9

200

29.21

32.3

    

10

198

30.79

36.1

    

11

195

29.75

32.68

    

12

205

29.98

37.49

    

13

182

30.06

31.32

    

14

218

28.94

38.67

    

15

231

29.76

34.82

    

16

212

27.94

42.27

    

17

222

30.75

40.03

    

18

150

28.96

30.02

    

19

183

30.96

34.3

    

20

158

29.03

29.89

    

21

199

30.83

35.27

    

22

196

30.6

33.55

    

23

234

29.98

40.03

    

24

171

29.27

29.91

    

25

171

31.42

33.69

    

26

170

29.24

31.51

    

27

210

27.61

30.6

    

28

184

30.64

34.36

    

29

223

29.97

37.59

    

30

177

31.87

31.78

    

31

168

30.06

27.47

    

32

192

28.83

40.64

    

33

201

30.91

36.2

    

34

207

29.84

38.05

    

35

241

29.94

39.55

    

36

216

30.67

35.38

    

37

193

31.03

40.42

    

38

187

28.45

37.29

    

39

194

30.02

29.68

    

40

212

30.85

40.61

    

41

141

30.46

28.23

    

42

217

28.85

36.87

    

43

194

29.34

36.59

    

44

182

30.1

29.56

    

45

225

28.88

36.26

    

46

214

30.2

34.29

    

47

198

28.56

41.7

    

48

183

29.51

30.92

    

49

206

29.86

31.22

    

50

198

30.83

32.39

  

Suppose one of your colleagues suggests a marketing plan for soft drinks which relocates most canned drink vending machines into low-income neighborhoods. 1. Based on your analyses so far, would you agree to her suggestion? Why or why not? What the descriptive analysis indicates and what the regression analysis suggests might differ from each other. And I don’t suppose there is a clear-cut yes/no type answer to this question. Rather I will focus on your reasoning and persuasive writing skills here.

cans/capita/yr 6 pack price income/capita mean temp
Alabama 200 2.19 13 66
Arizona 150 1.99 17 62
Arkansas 237 1.93 11 63
California 135 2.59 25 56
Colorado 121 2.29 19 52
Connecticut 118 2.49 27 50
Delaware 217 1.99 28 52
Florida 242 2.29 18 72
Georgia 295 1.89 14 64
Idaho 85 2.39 16 46
Illinois 114 2.35 24 52
Indiana 184 2.19 20 52
Iowa 104 2.21 16 50
Kansas 143 2.17 17 56
Kentucky 230 2.05 13 56
Louisiana 269 1.97 15 69
Maine 111 2.19 16 41
Maryland 217 2.11 21 54
Massachusetts 114 2.29 22 47
Michigan 108 2.25 21 47
Minnesota 108 2.31 18 41
Mississippi 248 1.98 10 65
Missouri 203 1.94 19 57
Montana 77 2.31 19 44
Nebraska 97 2.28 16 49
Nevada 166 2.19 24 48
New Hampshire 177 2.27 18 35
New Jersey 143 2.31 24 54
New Mexico 157 2.17 15 56
New York 111 2.43 25 48
North Carolina 330 1.89 13 59
North Dakota 63 2.33 14 39
Ohio 165 2.21 22 51
Oklahoma 184 2.19 16 82
Oregon 68 2.25 19 51
Pennsylvania 121 2.31 20 50
Rhode Island 138 2.23 20 50
South Carolina 237 1.93 12 65
South Dakota 95 2.34 13 45
Tennessee 236 2.19 13 60
Texas 222 2.08 17 69
Utah 100 2.37 16 50
Vermont 64 2.36 16 44
Virginia 270 2.04 16 58
Washington 77 2.19 20 49
West Virginia 144 2.11 15 55
Wisconsin 97 2.38 19 46
Wyoming 102 2.31 19 46

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