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Calculate and interpret the following elasticities: Own price, cross price, income, and advertising and explain what these results suggest about the effects of changes in
Calculate and interpret the following elasticities: Own price, cross price, income, and advertising and explain what these results suggest about the effects of changes in each of these variables on the demand for SF Bread?
Regression Statistics Multiple R 0.90986692 R Square 0.82785781 Adjusted R Squa 0.80031506 Standard Error 15102.3601 Observations 30 ANOVA df SS MS F Significance F Regression 4 27421933736 6855483434 30.0571944 3.18801E-09 Residual 25 5702032051 228081282 Total 29 33123965787 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 122123.339 71877.72042 1.69904301 0.10172365 -25911.59757 270158.275 -25911.598 270158.275 Price (P) -17267.45 4139.792113 -4.1710912 0.00031893 -25793.5118 -8741.3889 -25793.512 -8741.3889 Competitor Pric 16688.4943 3507.433532 4.75803579 6.9755E-05 9464.799703 23912.1889 9464.7997 23912.1889 Advertising (Ad) 0.18885521 0.093445416 2.02102166 0.05410934 -0.003599227 0.38130965 -0.0035992 0.38130965 Income (1) 8.78270776 1.038379256 8.45809246 8.3886E-09 6.644125647 10.9212899 6.64412565 10.9212899Step by Step Solution
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