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2. Given the following information for weekly demand of product X in supermarkets of Addis Ababa City Administration The weekly demand is determined by price
2. Given the following information for weekly demand of product X in supermarkets of Addis Ababa City Administration The weekly demand is determined by price of the product. competitors' price, advertisement cost and household income. Major Weekly Price cities Competitors Demand advert in Birr Household income price in Birr COST annual 1 790 187 154 1314 677 43121 2 197 141 1396 41749 190 149 1352 790 167 152 1354 33589 310 12799 197 139 265 7 4556 741 15 1479 27959 142 1321 37196 838 159 141 10 1343 40163 170 142 1349 11 2908 0 793 174 151 12 1297 913 33262 1 67 136 1488 13 799 4129 156 150 1414 14 28343 1413 29473 967 159 1367 16 41501 589 197 136 1285 17 278019 1317 18 31471 974 153 158 1346 36063 735 1268 20 15839 165 143 21 1356 37438 136 1271 22 44348 831 160 23 1447 35066 172 150 1331 24 34166 937 15 146 1405 25 45380 156 1496 28656 26 157 1429 27 1015 166 157 1500 42249 28 198 144 1451 793 184 148 1348 30 715 44540 177 147 1391 A. Estimate the demand using regression based on the data provided (3pts) B. Show the interpretation of the results, the coefficients, significance of the result and explanatory power of the regression model (2pts)
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