Group Assignment 2 Q1. Given the following regression results for the demand for chocolate, answer the questions below. SUMMARY OUTPUT Regression Statistics Multiple R 0.932648 R Square Adjusted R Square 0.354336 Standard Error 6.706691 Observations 48 ANOVA cit Regression 5 Residual 42 Total 47 C oe'icients Intercept 50.44261 Price of Chocolate Price of Margarine 2.969112 Income Adverstising 5.736904 Number of Consumers 0.030422 SS 1890.275 14521.83 Standard Error 26.62642 1 .607284 1 .334739 3.628022 1 .630407 0.003907 MS 2526.31 1 45.00654 1 Stat 1 .694465 -7.5239 2.22449 0.71564 7.766719 (i) Write down the estimated demand model (ii) Interpret the coefficients in the model (iii) Determine the coefficient of determination F 56.1 3209 P-vaiue 0.065062 2.63E-09 0.031545 0.4761 73 0.001057 1.11E-09 Signicance F 1 .646-1 7 Lower 95% -3.29147 -15.3343 0.275501 -4.72529 2.446609 0.022538 Upper 95% 104.1771 -6.64699 5.662724 9.91 8004 9.027198 0.038307 Lower 95% -3.29147 -1 5.3343 0.275501 -4.72529 2.446609 0.022536 Upper 95.0% 104.1771 -6.84699 5.662724 9.916004 9.027198 0.036307 (iv) What percentage of the variation in demand is accounted for by variables not included in the model? (v) Which of the variables are statistically signicant and why? (vi) Is the overall model statistically significant and why? (vii) Suppose the expected quantity demanded if the price of chocolate is GHS 10, the price of margarine is GHS 12, average income is GHS400, advertising expenditure is GHS 250 and the number of consumers is 800. Q2. Given the following information on the supply of jackets and their respective prices Supply 100 124 126 132 138 140 Price 30 32 36 40 41 45 (GHS) (i) State the supply model (ii) If the price of a jacket is GHS34, how many jackets will be supplied? (ii) What is the association between supply of jackets and the price of jackets? (iii) At 5% level of significance, can we conclude that there is association between the supply and the price of jackets? (iv) Determine the percentage of the variations in the supply of jackets accounted for by the variations in the price of jackets. (v) Determine the percentage of the variations in the supply of jackets not accounted for by the variations in the price of jackets. To be submitted on 3"d January, 2022