A manufacturer of fancy scented bar soaps is interested in the price elasticity shown by her popular lilac variety. She assembled data for each of the past twenty months concerning the number of bars sold, the price, and the number of retail outlets that put the lilac soap on display and then carried out a regression analysis on this data. The results are as follows:

Variable	Mean
Bars of lilac soap sold	2872
Price	1.59
Number of displays	167.9

Summary Output

SUMMARY OUTPUT
Regression Statistics
Multiple R	0.855
R Square	0.731
Adjusted R Square	0.699
Standard Error	291.738
Observations	20
ANOVA
	df	SS	MS	F	Significance F
Regression	2	3931151	1965576	23.094	0.000
Residual	17	14468834	851107.9
Total	19	5378035
	Coefficients	Standard Error	t Stat	P-value
Intercept	7376.431	1348.809	5.468848	0.000
Price	-2161.21	186.77	-11.5715	0.000
Displays	-6.361	7.815	-0.81395	0.427

What is the coefficient of the price variable in the Excel output?

Describe how you would explain the interpretation of this price coefficient to someone who is not familiar with multiple regression.

Calculate the price elasticity implied by these results.