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From the data for 4 6 states in the United States for 1 9 9 2 , it is obtained the following regression results: InC

From the data for 46 states in the United States for 1992, it is obtained the following regression results:
InC=4.30-134lnP+0.17ln
5cR2=(0.91)(0.32),(0.20)
income per capita.
a. What is the elasticity of demand for cigarcttes will respect to price? Is it alatidically significaut? Is it statistically bigger than 1 at 0.05 significance level?
b. Compute e 95% interval cstimate for the price clasticity of deMand.
c. Discuss the overall significance of the model with necesary F ratio calculations at onf significance level.
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