2)From the data for 26 states in the US for 1992 , Baltagi obtained the following regression results. lnQc=4.301.34lnP+.17lnY SE (.91)(.32) (.20) R2=.27,F=6.3 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 calculatedt 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. 2)From the data for 26 states in the US for 1992 , Baltagi obtained the following regression results. lnQc=4.301.34lnP+.17lnY SE (.91)(.32) (.20) R2=.27,F=6.3 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 calculatedt 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