a) Estimate the demand regression for Gingatic Sports. b) Forecast the quantity demand for Gingatic Sports given that the price, time-free, income and South Bay are 424, 9.6, 2687.2, 201, respectively. c) Based from your answer in (b), interpret price elasticity of demand. Recommends how to increase their total revenue. d) Consider income elasticity of demand, identify the type of service of Gingatic Sports in the eyes of their customer. f) Estimate the cross elasticity of demand and identify the types of related service to Gingatic Sports.

REGRESSION ANALYSIS (20%) Gingatic Sports is a health club that operates in Long Beach, Los Angeles. Their chief economist officer intends to measure the impact of various elements of their marketing strategy. Table below show the monthly historical data from January 2018 to December 2019. Month Long Price Time-free Income South Bay Beach Jan-18 311 380 3.6 2558.1 365 Feb-18 246 392 9.6 2583 289 Mar-18 285 371 2.4 2602.6 292 Apr-18 275 374 3.6 2640.9 336 May-18 212 375 8.4 2628 350 Jun-18 228 364 3.6 2649.4 283 Jul-18 267 329 3.6 2654.1 268 Aug-18 228 331 3.6 2653.4 313 Sep-18 221 353 3.6 2652.2 329 Oct-18 136 386 8.4 2652.6 280 Nov-18 205 386 5.6 2655.5 278 Dec-18 187 377 3.6 2661.9 271 Jan-19 241 414 9.6 2656.3 302 Feb-19 233 424 9.6 2687.2 201 Mar-19 255 388 7.2 2680.3 203 Apr-19 225 361 6.6 2603.6 270 May-19 268 369 6.6 2676.8 282 Jun-19 183 387 7.2 2662.8 210 Jul-19 161 412 7.2 2682.2 272 Aug-19 170 404 7.2 2686.3 273 Sep-19 219 400 7.2 2683.3 220 Oct-19 165 433 7.2 2731 286 Nov-19 176 399 5.4 2710.5 339 Dec-19 201 381 3.6 2745.1 336 Price is an average price for the month (taking into accounts different types of membership sold in $; Time-free in an average amount of free time offered during the month; Income is national disposable personal income at annual rate; South Bay a health club that also operates in Los Angeles (in $ price). Question: a) Estimate the demand regression for Gingatic Sports. b) Forecast the quantity demand for Gingatic Sports given that the price, time-free, income and South Bay are 424, 9.6, 2687.2, 201, respectively. C) Based from your answer in (b), interpret price elasticity of demand. Recommends how to increase their total revenue. d) Consider income elasticity of demand, identify the type of service of Gingatic Sports in the eyes of their customer. Estimate the cross elasticity of demand and identify the types of related service to Gingatic Sports