Consider the hypothetical example of the Urgent Healthcare Clinic (UHC), a chain of urgent care facilities in 35 regional areas across the U.S.Management of the Urgent Healthcare Clinics has initiated an empirical estimation of customer traffic at their 35 regional locations to help the clinics formulate updates to patient pricing and possible expansion plans for the coming year.Annual operating data for 35 regions appear in the attached spreadsheet (Table 1).Regression results also in the spreadsheet (Results/Table 2).

The following regression equation was fit to these data:

Q_i= b₀+ b₁P_i+ b₂P_xi+ b₃Ad_i+ b₄I_i+ u_it.

Where:Q is the number of annual patients serviced,

P is the average price charged per patient visit (patient amount, in dollars),

P_xis the average price per patient charged by competing facilities (in $)

Ad is the local advertising budget for facilities in each region (in $),

I is the average income per household in each region's service area,

u_iis a residual (or disturbance) term.

The subscript indicates each of the 35 regional markets (i = 1,..., 35) from which the observation was taken.Least squares estimation of the regression equation on the basis of the 35 data cross-sectional observations resulted in the estimated regression coefficients and other statistics as shown in the results and in Table 2.

A.Describe the economic meaning for the individual independent variables included in the Urgent Healthcare Clinic demand equation.Interpret each estimated coefficient and its impact on the dependent variable (number of patients serviced)?