Data analysis

Go to the excel sheet titled Elasticity Data.xlsx in the Week 2 modules section. In that le, you can nd 3 columns

for Q; P and I: First, use natural log transformation (using the function LN in excel to transform the entire data set

to create 3 new columns for ln Q; ln P and ln I: Then run a regression analysis with ln Q being the Y or dependent

variable and ln P; ln I being the X or independent variable. (Make sure your data analysis package in excel is active,

you can check that by going to the Options under Files tab in excel; if you need help with this regression, google it

or set up an appointment with me.) Once you are done with the regression, interpret the coe cients in terms of elasticiies

Quantity Price Income

210 33.19 35.34

198 32.83 34.59

195 31.7 32.61

204 28.75 35.12

218 25.79 32.2

178 35.25 25.69

198 24.71 28.19

194 32.09 36.99

205 28.73 37.09

217 24.97 34.85

181 29.89 34.61

196 29.35 32.9

193 34.28 36.14

185 31.02 32.93

175 42.08 31.65

190 21.05 35.19

199 29.25 36.98

191 31.45 30.2

228 24.66 35.42

180 28.82 28.99

205 28.75 40.29

190 39.93 30.94

192 39.79 39.31

199 35.61 38

201 30.15 30.14

217 30 37.43

188 41.05 34.15

187 35.83 25.26

191 35.63 32.22

190 31.11 34.51

200 27.78 34.87

217 27.74 40.66

219 33.94 45.71

205 28.05 41.37

206 32.73 32.22

230 22.12 31.61

200 27.37 38.76

209 31.31 32.35

211 28.94 43.18

209 31.07 33.53

190 34.56 31.7

209 24.13 38.71

196 27.51 27.8

181 32.22 33.2

176 31.84 28.42

176 33.7 29.33

200 39.6 29.14

215 37.53 40.9

206 36.11 37.64

201 23.74 36.1