The ice cream store Cool Stuff sells exotic ice creams, including Tropical Cream and Green Mango. Cool Stuff has been varying the prices of these two flavors over the past 12 weeks and has recorded the sales data. The table shows the quantity sold of Tropical Cream, Q, given the price of a half-gallon of Tropical Cream, p, and the price of the other flavor, Green Mango,p_o.Use these data to estimate the demand function for Tropical Cream. Are the coefficients on the two prices statistically significantly different from zero at the 5% significance level? What is the R²?

Exercise 7.2

Transcribed Image Text:

81 84 85 83 87 79 82 78 84 82 82 82 10.25 9.00 8.75 9.25 9.50 9.25 8.25 10.00 10.00 8.50 10.50 9.50 6.00 6.25 5.25 7.25 5.25 6.50 7.00 7.25 7.25 6.75 6.25 6.00 Po