Estimate the regression equation (Q) for the following demand data where the independent variables are price (P) and consumer income (I). Also, test the statistical significance of the estimated parameters at the 5% level and show to what extent the independent variables can explain the variation in the quantities demanded.

Qx Px I 2880 3600 3241 3420 3042 3600 3423 3600 3965 3786 12.00 8.00 10.00 8.00 10.00 8.00 10.00 8.00 8.00 8.00 32,000 31,500 34,600 33,160 33,980 35,610 36,720 38,000 37,190 39,890