201299910 From the data for 26 states in the US for 1992, Baltagi obtained the following.og regression results. 9n3 to yaibu26192 X boog bottles to 901 In Qc 9 y boog to going 4.30 901 1.34InP (91) (.32) = ni 2q912 SE siltsynab $599 A0 noitsups bnsmab edt 107 (1 niw (0) y brog srl to bremsb hab 19bylincup 210 sner/W (19) Ihne x boog to song and ai be R2=.27, F-6.3 dorsvingh sr (23niog St) t 4.72 + .17 In Y Charme (.20) 2) where: Qc= cigarette consumption packs per year in thousands P= real price of cigarettes per pac, Y=real disposable personal income per capita in thousands (7 points each) Show all your work to receive full credit. a) What is the price elasticity of demand for cigarettes? Is it statistically significant? Perform this test using alpha=.05. Compare the calculated-t with the critical- t values and decide if you accept or reject the null. State the null and alternative hypotheses. Is he price elasticity of cigarettes elastic or inelastic. Show the graph of the t-distribution b) What is the income elasticity of demand for cigarettes? Is it statistically significant? Perform this test use again alpha=.05. Compare the calculated- t with the critical- t values and decide if you accept or reject the null. State the null and alternative hypotheses Show the graph of the t-distribution. What type of good are cigarettes? c) State the null and alternative hypotheses to test whether the independent variables are jointly statistically significant in explaining the dependent variable, use alpha equal to.05 to perform this test. Decide whether you accept or reject the null hypothesis. Show the graph of the F-distribution c) Write the equation in Multiplicative form.