Determine and discuss the impact of diesel prices on fuel revenues and the impact of gasoline prices on fuel revenues. What is the relationship between meal prices and meals? Define, measure, and discuss the price elasticities. HINT: Find price elasticity of demand by multiplying the slope of the regression line from Excel by the mean real price then divide by the mean quantity demanded.

Month Number 1 3 4 5 6 7 Bob's Real Profit S40,977.48 S43,055.59 $35,652.90 $33.888.98 $38.100.50 $39.346.52 $30,547.85 Date Jul 2007 Aug 2007 Son-2007 Oct-2007 Nov-2007 Dec 2007 Jan 2008 Fch-2008 Mar-2008 Apr-2008 May-2008 Jun-2008 Jul 2008 Aug 2009 Sep-2008 Oct-2009 Nov 2008 Dec 2008 Jan-2009 Feb-2009 Mar-2009 Apr-2008 May 2009 Jun 2009 Ju-2009 Aug-2009 Sep-2009 Oct-2000 Nov-2009 Dec 2009 Jan-2010 Feb-2010 Mar-2010 Apr-2010 May 2010 Jun-2010 Ju-2010 Aug-2010 Sep-2010 Bob's Average Retail Gasoline CPI Prices (Cigal) 152.5 115.38 152.9 112.33 1532 111.08 153.7 108.72 153.6 106.23 153.5 107.13 154.4 109.04 154.9 108.93 155,71 113.70 156.3 123.06 156.6 127.92 1979 156.7 125.58 167.0 122.72 157.31 120.65 157.8 120.22 158.3 120.40 158.6 123.23 158.6 123.52 159.1 123.63 159.6 123.00 160.C 120.50 160.2 119.90 160.1 120.03 160.3 119.76 160.5 117.43 160.8 122.35 161.2 123.14 161.6 119.68 161.5 117.08 181.3 113.14 161.61 108.63 161.9 104.90 162.2 101.68 162.5 103.03 162.8 106.35 163.0 106,44 162.2 105.63 1634) 102.60 163.6 100.93 Bob's Average Bob's Average Restaurant Retail Diesel Purchase Prices (C/Gal) (S/Ticket) 128,62 $9.28 127.13 $10.47 129.38 S11.52 130.66 $11.59 131.281 $8.72 132.15 S10.11 132.18 $1237 127.68 $9.61 127.58 $11 88 152.88 $9.95 161.47 $11.49 152.85 $12.82 147.06 $9.06 143.96 S12.04 146.68 $12 47 148.63 $11.92 147.05 S10.86 143.33 142.67 $10.46 150.89 $11.72 147.52 $11.31 148.81 $11.83 137.59 $11.44 130.44 $11.95 126.68 $10.79 133.70 $9.39 135.70 $10.86 134.00 $12.84 139.03 $9.92 133.96 $13.27 128.58 $10.71 122 63 $12.43 117.40 $12.95 121.651 $11.12 122.18 $9.82 116.261 $10.97 115.73 $9.59 115 84 $12.01 116.68 $11.00 $12.12 Bob's Number of Restaurant Tickets (Tickets/Month) 12584.00 1 1970.00 9198.00 8892.00 13500.00 12006.00 7596.00 8874.00 7794.00 10530.00 10548.00 9234.00 14490.00 11304.00 9162.00 9144.00 10818.00 9738.00 8802.00 7560.00 9180.00 9054.00 9846.00 9072.00 11178.00 13572.00 9702.00 7884.00 12006.00 9234.00 8964.00 6894.00 7668.00 9306.00 11916.00 10000.00 13014.00 11124.00 10206.00 Bob's Restaurant Revenue (S/Month) $116,588.39 $125,340.03 $105,988.89 $103,068.03 5117,723.05 $121,371.12 $93,924.96 $95,279.47 $92,673 20 $104,789.87 $121, 174.22 $118,421.25 $131,203 26 $136,063.69 $114,290 24 5108,986.06 $117.443.80 $118,061.16 $92,050.67 $88,624 HR S103,801.42 $107.084.78 $112,613.97 S108,404.71 $120,649.40 $127 455.83 $105.360 20 S101,265 29 $119,078.29 $122.502.98 $96,008.03 $85 705 29 $99,271.22 S103,515.83 S114,652.47 $110,627.86 $124,741.18 $133,628.77 $112.255.00 Bob's Number Bob's Fuel of Fuel Sales Revenue (Sales/Month) (S/Month) 19,535.12 S1,719,419.54 20,588.74 S1,735.584.14 16,820.46 $1,380 911.21 15,923.47 S1,258 023.32 17,819.94 $1,356,895.91 18,208.19 $1,403,992.87 14,288.58 $1,126.695.42 13,671.40 $1,097,032.10 15,203.78 $1,303 407.34 13,594.11 S1,193 572.70 14,762.46 $1,335,500.40 15,533.24 $1,407 889.80 18,040.89 $1,811,424.28 19,166.11 $1,687 614.10 15,608.78 $1,352 294.64 14,592.84 $1,258,114.80 16.195.95 $1,455,855.09 16,950.87 $1,550,693.11 13,335.51 $1,224.580.24 11,747.76 $1,098 286.30 14,064.52 $1,219 143.81 14,319.29 $1,226,568.88 16,954.03 $1,516.958.41 17,662.97 S1,621,853.23 20,383.04 S1,842.223.39 20,246.90 $1,893 910.48 16,441.35 $1,541,077.44 15.755.56 $1.419 568.68 17.404.92 $1,490.427.20 18,617.00 $1,543,08B.13 15,205 21 $1,210 279.67 14,345 25 $1,110 069.29 17,443.09 $1,317,078.71 17,358.41 $1,312.080.06 19,434.13 $1,538,956.35 20,201.17 S1,644.310.59 22,866 44 $1,841 390.91 24,116.54 $1,859 505.44 19,848.53 $1,185,575.00 Bob's Pre Tax Profit (5/Month) S62.490.63 S65.932.00 S554.620.25 S52.087.36 $58.522.37 $60.396.90 S47.227.14 S43,777.44 S49 880,60 $51.919.92 $59.491.88 $59.388.24 S68,427.33 S69,081.35 S57.240.48 $54 194.55 $59.824.36 S80.992.81 S47,746.66 S44 265.06 S51.877.06 $53.140.88 S58.835.38 S58,387.89 S65 429.26 S68.493.30 $50.326.49 S53.396.75 S60.826.40 S62,489.89 S49,985.79 $44,088,91 S51.444.68 $52.303.50 $59.831.74 S59.419.93 S66 889.03 $70.295.66 $59.141.11 10 11 12 13 14 15 16 17 16 1 19 20 21 22 23 24 25 26 27 28 29 30 31 $29,26 1.74 $31,394.09 533.218.12 S37.989.71 $37,699.32 S42,310.40 S43,916.94 $36.274.07 $34.235.31 S37,594.17 $38,457.01 S30.010.49 $27.735.00 $32.423.16 $39.171.59 $36.624.22 S38,424.14 S40,765.89 S42,595.34 $34.941.99 $33.042.55 S37,539.56 $30,741.26 $30,312.99 $27.232.10 S31,716,82 $32.556.00 $38.628.84 S36,453.94 S40,985.92 S43.020.60 $35.538.57 Bob's Real Gas Price 75.66 73.46 72.50 70.74 69.16 89.79 70.62 70.32 73.03 78.73 81.68 80.14 78.17 76.70 76.18 76.06 77.70 77.88 77.70 77.07 75.31 74.84 74.97 74.71 73.16 76.09 76.39 74.06 72.49 70.14 67.22 64.79 52.69 63.40 85.33 85.30 64.6i6 52.79 51.69 Bob's Real Average Bob's Real Restaurant Purchase Diesel Price 15/Ticket) B3.03 6.08 83.14 8445 7.52 85.01 7.54 85.47 5.5 88.09 6.59 65.61 8.01 82.41 6.20 81 94 7.65 97.81 6.37 103.11 7.34 97.54 8.18 93.67 5.77 91.51 92 95 7.91 83.89 7.53 92.72 6.85 90 37 7.84 89.67 6.57 7.39 9220 7.07 82.76 7.38 85.94 B1.37 7.45 79.93 6.72 8315 5.94 84.18 83.34 7.95 88.08 6.10 13.05 8.22 79.56 75 74 7.68 72.38 7.98 74.86 6.85 75.05 5.91 71.33 70.91 5.87 70.89 7.36 71.32 6.72 33 34 35 36 37 38 381 5.72 5.91 5.25 5.41 8.25 8.18 7.49 7.96 7.84 8.84 5.93 7.51 8.87 7.98 9848.00 165.161 109. Bol 71. Sep-2010 153,6 100.93 116.68 $11.00 10206.00 $112.256,90 18.848.53 $1.486,575.40 558,141.11 39 $35,588.57 61.59 71.32 Oct-2010 154.0 101.88 117.15 $11.34 8270.00 $105.121.77 18.569.57 $1.407.872.67 554,636.49 401 $33,314 94 62.121 71.13 Nov-2010 154.0 99.54 116.86 $10.25 11864.00 $119.534.14 20.816.82 $1.532.334.83 $81,287.74 41 $37,378.87 60.70 71.28 Dec-2010 153.9 94.501 112.25 $10.50 11880.00 $124.773.89 22.609.08 $1.562.503.64 563.537.55 421 $38.766.05 57.66 68.49 Jan 2011 164.3 93.00 110.95 $13.58 7182.00 397.383.22 17.901.78 $1.232,852.11 349,751.31 43 S30,280.77 57.15 67.53 Feb-2011 184.5 92.05 110.43 $10.18 8802.001 389.442.75 16.378.91 $1,096,683.18 345,262.32 S27,515.09 55.90 67.13 Mar 2011 185.0 98.20 123.70 $12.38 8910.00! $110.133.82 17.518,70 $1,218,113.02 $54,123,20 451 S32,801.94 59.52 74.97 Apr-2011 186.2 113.10 140.35 $13.23 8408.00 $111,192.45 15,738.02 $1,270,875.08 955,144.90 46 $33, 179.34 68.05 84.45 May 2011 186.2 113.06 131.38 $13.03 8090.00 $118.408.83 18,549.77 $1,552,172.02 $81,135.70 471 $38,784.42 68.03 78.04 Jun-2011 186.2 111.43 139.15 $14.37 8964.00 $128.793.43 18.306.39 $1,451,275.59 $83,820.09 48 S38,279 24 67.04 83.72 Jul 2011 186.7 115.75 141.48 $9.29 14364.00 $141,955.34 20.090.19 $1,874,298,64 $71,031.72 49 S42,610.51 69.44 84.67 Aug 2011 187.1 122.08 148.04 $12.64 11810.00 $145,807.94 20.033.11 $1,776,373.57 $73,578,33 50 S44,031.32 73.06 87.68 Sep 2011 187.9 125.56 140.13 $11.54 1830.00 $111,156.49 16.684.14 $1,533,623.00 $58,919.70 511 S35,092.19 74.78 83.46 Oct-2011 188.2 124.43 139.33 $13.43 7912.00 $104,890.29 15,816.59 $1,485,347.32 $56,491.02 52 S32,991.10 73.97 82.83 Nov-2011 188.3 125.14 146.60 $12.61 9702.00 $122.363.09 17,093.84 $1,576,152.88 $82,840.17 53 S37,339.19 74.361 87.11 Dc0-2011 168.3 127.25 144.68 $10.99 11178.00 $ 122,731.59 17.651.62 $1,681,796.75 $64.247.81 54 $38,174.58 75.61 85.96 Jan-2012 168.8 128.48 150.50 $10.28 $99.978.05 13,485.63 $1,282,823.90 $50,925.80 55 $30,169.31 76.35 89.16 Feb-2012 169.8 137.70 153.63 $13.671 6498.00 $89,902.73 12,170.00 $1,267,961.57 $47,096.17 56 S27,730 26 81.10 90.47 Mar-2012 171.2 151.63 162.88 $11.64 8352.00 $97,377.88 12,425.03 $1,500,027.97 $52,966.75 57 S30,938 52 88.57 95.14 Apr-2012 171.3 146 48 156.15 $13.00 7614.00 $94.949.75 13,549.31 $1,532,896.67 $53,925.92 581 $31,480 40 85 51 91.62 May-2012 171.5 148.68 152.36 $11.71 9198 00 $107 686.51 15.541.19 $1.825,934.39 $50,570.26 59 S35,317 84 86.69 88.84 Jun-2012 172.4 163 33 150 88 $14.50 6786.00 $99.776.89 15.143.18 $2.057,118.45 $50,082.11 601 S34,850 41 94 741 87 51 Ju-2012 172.8 155.10 158.00 $10.63 11538.00 $122.594.97 17.108.91 52.103.211.15 $59,282.08 61 S40,093 80 89.761 91.44 Aug-2012 172.8 146.45 171.30 $15.05 9738.00 $145.528.10 17.532 88 51.893,504.70 $75,323,85 62 S43,590.19 84.75 99.13 Sep-2012 173,7) 155.03 194.03 $14.15 9108.00 $120.988.14 13.137.60 $1.447.277.88 $53,641.09 63 $36,638.51 89.25 111.70 Oct-2012 174.0 159.22 190.36 $10.74 11214.00 $120.459.60 12.559.52 $1.373,080.75 559,685.43 64 $34,307.72 88.061 109.40 Nov 2012 174.1 151.731 188.20 $10.631 12500.00 $133.866.79 14.135.84 $1,531,707.77 566,145.62 65 $38,165 20 87.15 108.10 Deo-2012 174.0 144.28 181.60 $12.28 11448.00 $140.341.99 15.228.17 $89,019,34 66 $39,668 29 82.82 104.37 Jan-2013 175.1 144.72 165.85 $10.921 9216.00 $100.667.51 12.582.8 $1,357,545.90 552, 434.16 87 $29.945 27 82.65 94.73 Feb-2013 175.8 144.88 161.63 $14.60 6084.00 388.823.32 11.551.82 $1,266,207.57 $47,089.61 681 $26.785 90 82.471 92.05 Mar-2013 176.2 140.931 159.30 7308.00 $105.491.62 13.827.20 $1.463.489.00 555,439.36 691 $31,463.88 79.98 90.41 Apr 2013 176.9 160.98 $12.91 7868.00 399.031.39 13.429.49 $1,836,287.83 $55,109.89 70 $31.198.36 87.71 91.00 May 2013 177.7 170.18 160.88 12.75 8082.00 $103.029.70 14,843.27 $2,049,538,64 $81.535.69 71 $34,628.97 95.77 90.58 Jun 2013 178.0 161.83 161.18 $15.63 7038.00 $110.02.07 15.219.23 $1.970,802.70 $83,136.16 72 S35,469.75 90.00 90.55 Jul 2013 177.6 142.00 156.12 $14.40 1432.00 $135,808.31 16,453.62 $1,998,327.38 $72,747.57 73 S40,984.54 80.03 87.95 Aug 2013 177.6 142.08 151.38 $14.50 9398.00 $137 030.37 19,501.11 S2, 146,250.82 $74,958,81 74 S42.230.32 80.04 85.28 12 Sep 2013 178.3 162.15 165.05 $13.81 B318.00 $114,820.39 14,639.60 $1,732,817.43 $82,023.63 75 S24,788.06 85.33 92.57 Oct-2013 177.7 131.54 147.52 7466.00 $111.003.15 15,792.16 $1,566,677.43 $58,658.86 $23,010.06 74.02 83.02 Nov-2013 177.41 117.06 138.38 $15.16 8586.00 $130,167.30 19,168.99 $1,645,124.20 $66,466.00 $37,466.74 65.98 78.00 Dec-2013 176.7 127.04 $12.87 10296.00 $132,526.29 21,386.37 $1,712,646.28 $68,127.33 78 $38,555.37 61.46 Jan-2014 177.1 110.73 126.90 $15.15 6714.00 $ 101,738.77 16,634.92 $1,373,219.15 $53,007,410 79 $29,930.93 62.521 71.65 6.52 6.08 8.05 6.81 7.59 6.83 8.44 5.15 8.71 3.15 5.17 $1.556.319.78 7.05 5.24 8.30 8.19 7.30 7.17 8.78 8.11 8.22 7.74 9.34 9.55 7.28 9.56 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 Jan-2014 Feb-2014 Mar-2014 Apr-2014 May-2014 Jun-2014 Jul-2014 Aug-2014 Sep-2014 Oct-2014 Nov-2014 Dec-2014 Jan-2015 Feb-2015 Mar-2015 Apr-2015 May-2015 Jun-2015 Jul-2015 Aug-2015 Sep-2015 Oct-2015 Nov-2015 Dec-2015 Jan-2016 Feb-2016 Mar-2016 Apr-2016 May-2016 Jun-2016 177.1 177.8 178.8 179.8 179.8 179.9 180.1 180.7 181.0 181.3 181.3 180.9 181.7 183.1 184.2 183.8 183.5 183.7 183.9 184.6 185.2 185.0 184.5 184.3 185.2 186.2 187.4 188.0 189.1 189.7 110.73 111.38 124.93 139.70 139.18 138.23 139.70 139.58 139.96 144.53 141.90 138.58 145.75 161.30 169.30 158.90 149.73 149.28 151.25 162.03 167.88 156.35 151.20 147.88 157.18 164.75 173.60 179.78 198.34 196.93 126.90 128.85 139.38 144.42 141.08 142.70 142.76 148.40 159.70 155.68 153.15 152.40 157.85 172.50 181.78 165.03 154.25 158.14 163.48 172.53 165.58 162.20 163.90 168.06 167.65 180.90 189.66 217.08 228.44 205.63 $15.15 $13.47 $14.79 $11.01 $11.63 $13.34 $13.22 $15.59 $11.57 $15.09 $13.30 $12.98 $13.16 $12.13 $13.58 $14.52 $12.37 $17.00 $16.39 $17.28 $12.75 $14.01 $14.95 $16.71 $13.30 $17.16 $13.01 $16.64 $15.32 $14.82 6714.00 6912.00 7146.00 9108.00 9612.00 8640.00 9702.00 8928.00 10602.00 7218.00 9126.00 9828.00 7506.00 7308.00 7704.00 7092.00 9378.00 7092.00 8460.00 8244.00 8496.00 7632.00 8298.00 8028.00 7452.00 5580.00 8334.00 7362.00 8712.00 8298.00 $101,738.77 $93,101.75 $105,718.94 $100,268.75 $111,763.34 $115,234.70 $128,222.15 $139,146.34 $122,620.57 $108,927.76 $121,366.17 $127,571.51 $98,746.69 $88,675.44 $104,621.34 $102,949.71 $115,969.00 $120,573.51 $138,635.84 $142,476.67 $108,312.87 $106,889.42 $124,085.00 $134,149.23 $99,121.11 $95,779.34 $108,387.69 $122,529.63 $133,442.03 $122,944.78 16,634.92 14,921.21 15,938.43 15,187.95 17,502.03 17,674.61 19,765.98 20,230.12 15,946.07 14,977.48 16,959.43 17,730.66 13,358.18 11,058.41 12,361.15 13,617.97 16,468.06 16,492.49 18,113.91 17,789.58 14,662.27 14,402.76 16,160.58 16,636.82 12,725.82 11,247.96 12,154.23 11,369.54 12,087.37 13,006.38 $1,373,219.15 $1,232,767.84 $1,505,799.59 $1,669,206.67 $1,935,464.69 $1,923,324.86 $2,185,114.97 $2,189,671.00 $1,667,833.92 $1,667,377.93 $1,851,827.04 $1,872,332.20 $1,495,487.17 $1,379,097.35 $1,614,680.62 $1,698,382.83 $1,943,181.32 $1,912,833.80 $2,106,646.61 $2,233,514.13 $1,982,783.61 $1,768,414.00 $1,875,997.31 $1,842,487.27 $1,548,542.75 $1,413,213.83 $1,613,352.03 $1,481,476.95 $1,782,659.41 $2,004,741.78 $53,007.49 $48,219.40 $56,029.94 $56,028.47 $63,343.28 $64,450.30 $72,250.87 $76,239.86 $64,039.79 $59,121.76 $65,802.52 $68,276.50 $53,403.94 $48,390.80 $56,944.47 $57,342.47 $64,951.23 $66,248.97 $75,060.20 $77,961.01 $62,660.11 $59,597.66 $67,068.74 $70,277.53 $54,174.02 $51,353.02 $58,280.91 $61,751.94 $69,302.27 $68,198.26 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 $29,930.83 $27,120.02 $31,336.66 $31,161.55 $35,229.86 $35,825.63 $40,117.09 $42,191.40 $35,381.10 $32,609.91 $36,294.82 $37,742.67 $29,391.27 $26,428.62 $30,914.48 $31.198.30 $35,395.77 $36,063.68 $40,815.77 $42,232.40 $33,833.75 $32,214.95 $36,351.62 $38,132.14 $29,251.63 $27,579.49 $31,099.74 $32,846.78 $36,648.48 $35,950.59 62.52 62.64 69.87 77.70 77.41 76.83 77.57 77.24 77.33 79.72 78.27 76.61 80.21 88.09 91.91 86.45 81.59 81.26 82.25 87.77 90.65 84.51 81.95 80.24 84.87 88.48 92.64 95.63 104.89 103.81 71.65 72.47 77.95 80.32 78.46 79.32 79.27 82.13 88.23 85.87 84.47 84.25 86.87 94.21 98.69 89.79 84.06 86.09 88.89 93.46 89.41 87.68 88.83 91.19 90.52 97.15 101.21 115.47 120.80 108.39 8.56 7.58 8.27 6.12 6.47 7.41 7.34 8.63 6.39 8.32 7.34 7.18 7.24 6.63 7.37 7.90 6.74 9.25 8.91 9.36 6.88 7.57 8.10 9.07 7.18 9.22 6.94 8.85 8.10 7.81 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 Averages 170.05 131.30 148.00 $12.55 9252.33 $113,619.55 16,280.06 $1,582,619.62 $59,777.65 54.50 $35,193.79 76.88 86.85 7.38 112 113