Repeat parts b and c of Problem 20 with the log-transformed data. Give an interpretation of the coefficients of income and chicken price in terms of elasticities. Using your final fitted regression function, indicate how a forecast of the following year's chicken consumption would be obtained.

In Problem 20
b. Using the original data, run a stepwise regression program with chicken consumption as the dependent variable and the remaining variables as predictor variables. Set alpha to enter = alpha to remove = .05.
c. Run a full regression of chicken consumption on the remaining variables. Be sure to delete variables one at a time that you deem to be not significant until you are satisfied with your final model. Is your result consistent with the result of the stepwise procedure in part b? Is serial correlation likely to be a problem in this regression analysis?

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