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7. Regression Statistics. June Ward, controller for NAFTA, Inc., has asked you to analyze demand in 30 regional markets for Beaver's Cleavers, a new brush cutting device, dubbed Product Y. A statistical analysis of demand in these markets shows (standard errors in parentheses): QY = 2,000 [ 25P + 10P, + 0.0251 (1,500) (8) (4) (0.011) R-= 80% F = 34.7 Here, Qy is market demand for Product Y, P is the price of Y in dollars, A is dollars of advertising expenditures, Px is the average price in dollars of another (unidentified) product, and I is dollars of household income. In a typical market, the price of Y is $100, Px is $50, and disposable income per family averages $80,000. A. Is the whole model statistically significant? Use the F-statistic to justify your answer. B. Does each independent variable have a significant effect on the dependent (Q,) variable? Use the individual t-statistic to justify your answer. C. What percentage of demand variation is explained by this model