2.There are four variables included in this file (in addition to the name of the city the data was collected in): a.Px=Price of NY strip steaks (in dollars per pound) b.Py=Price of ribeye steaks (in dollars per pound) c.Qx=pounds of NY strip steaks purchased d.M=Consumer Income (average weekly consumer income in dollars) 3.Consider a demand function for NY strip steaks as a function of the price of NY strip steaks, Qd=f(Px). If a simple linear demand function were hypothesized for this relationship, what sign should be expected for the slope coefficient? 4.Use Microsoft Excel's Regression tool what is the linear demand equation for NY strip steaks as a function of the price of NY strip steaks, in this format the final equation should be of the form with Q on the left side. a.Write the estimated regression equation. b.What is the value of the estimated slope coefficient? c.Provide an interpretation for the estimated slope coefficient. d.Is the slope coefficient statistically significant? e.How large is the coefficient of determination (r 2 )? f.Does the simple linear regression model provide a statistically meaningful model? 5.Consider a demand function for NY strip steak consumption as a function of the price of NY strip steaks, consumer income, and the price of ribeye steaks, Qd=f(Px, M, Py). If a linear demand function were hypothesized for this relationship: a.what sign is expected for the slope coefficient for the price of NY strip steaks? b.what sign is expected for the slope coefficient for income? c.what sign is expected for the slope coefficient for the price of ribeye steaks?

Area name Pounds Income NY Strip Ribeye Aberdeen 1849 629 3.3 4.2 Barnsley 774 279 48 10.5 Bath 1821 788 5.5 5.5 Birmingham 809 486 6.3 7.1 Blackburn 606 403 6.8 9 Blackpool 1726 730 5 6.6 Bolton 683 324 5 4.5 Bristol 1339 539 5 7.3 Bury 619 325 5 6.1 Cardiff 1896 868 5.6 8.3 Coventry 997 497 6.3 8.5 Darlington 1320 575 5 7.3 Dewsbury 1224 513 5 10 Dundee 603 431 5.2 6.8 Exeter 1728 681 5 8 Halifax 1275 352 5 5.8 Hove 3061 1301 5 9 Huddersfield 808 313 5 48 Ipswich 1944 733 4.5 8.6 Leeds 881 413 5 7.2 Leicester 1411 455 5 9.2 Lincoln 904 432 7.5 8.2 Liverpool/Bootle 1815 715 5 7.4 Manchester 1295 501 5 9.7 Motherwell/Wishav 962 293 5 9.8 Newport 3124 1422 7.5 11 Paisley 503 300 6.3 6.8 Plymouth 1571 731 5 6.7 Reading 2561 1055 5 7.2 Rochdale 1338 394 5 9.4 Salford 704 335 6.5 8.5 South Shields 1153 698 7.5 9 Stockport 1190 566 5 6.9 Stockton-on-Tees 1228 705 7.5 8.1 Stoke-on-Trent 1745 614 3.8 6.7 Sunderland 907 375 5 6 Tynemouth 1980 1017 6.5 7.6 Wakefield 1088 393 5 9.1 Wallasey 3258 1422 5 7.5 West Bromwich 751 323 5 8.3 West Hartlepool 1059 AAA 5 8.3 Wolverhampton 1271 524 5 8.9