A poultry farm in the Accra Metropolis wants to evaluate the factors thought to influence demand for its eggs produced. The dependent variable is number of crates of egg sold per week and the independent variables are price of eggs in Ghana Cedi and advertising expenditure, also in Ghana Cedi. The table below presents the results of a regression analysis on the factors influencing demand for the firm's eggs in the Accra Metropolis. Provide an interpretation of the results with emphasis on the following:

(i) coefficient of determination,

(ii) F-statistic,

(iii) regression coefficients and the p-values.

(iv) Given that the estimates constitute a demand function; explain briefly why you think five other variables should have been considered in the model.

Regression Statistics

Multiple R 0.72213

R Square 0.52148

Adjusted R Square 0.44172

Standard Error 47.46341

Observations 15

Significance

ANOVA df SS MS F F

Regression 2 29460.027 14730.013 6.53861 0.01201

Residual 12 27033.306 2252.776

Total 14 56493.333

Intercept Price Advertising

Coefficients 306.52619 -24.97509 74.13096

Standard Error 114.25389 10.83213 25.96732

t Stat 2.68285 -2.30565 2.85478

P-value 0.01993 0.03979 0.01449

Lower 95% 57.58835 -48.57626 17.55303

Upper 95% 555.46404 -1.37392 130.70888