I NEED HELP figuring out what to put in the regression X and Y of Excel. Also, do i need to relabel the months 1-55, instead of 1-12, 1-12?
Supermarket scanner data of prices and quantities for various types of beef and poultry are available in the accompanying Excel file. The monthly data from the Economic Research Center of the US Department of Agriculture in cooperation with the Livestock Marketing Information Center (LMIC) covers January 2001 to July 2005. The file includes quantity and price data for three cuts of beef (Chuck Roast, Porter House and Ribeye) plus data for chicken prices and disposable income.
- Using regression analysis, estimate the demand functions for Chuck Roast, Porter House, and Ribeye. Indicate significance of each coefficient and of each model citing the relevant test statistics.
- Estimate the own price elasticity, cross elasticity, and income elasticity for each cut of beef. Describe your findings. Do the findings surprise you? Why or why not?
Month PHQ Rib EQ 1 53 74 79 PHP $6.04 $5.37 $5.74 $6.93 $5.95 $5.24 $5.39 71 112 113 No 9 $5.54 89 146 120 120 106 10 11 12 1 2 3 4 76 93 81 60 65 92 157 149 133 97 113 78 123 87 73 88 108 82 148 155 45 93 Chuck CkuckP 120 $2.28 76 $2.61 102 $2.12 106 $2.41 87 $2.39 94 $2.11 97 $2.66 79 $2.50 138 $2.39 129 $2.30 77 $2.69 94 $2.44 135 $2.23 120 $2.45 131 $2.24 104 $2.41 144 $2.24 139 $2.08 98 $2.42 112 $2.47 184 $2.34 98 $2.33 109 $2.35 135 $2.35 132 $2.22 $2.38 128 $2.45 94 $2.53 93 $2.34 126 $2.48 83 $2.40 109 $2.54 5 136 119 114 151 248 201 168 165 6 7 8 9 97 82 65 105 33 2001 2001 2001 2001 2001 2001 2001 2001 2001 2001 2001 2001 2002 2002 2002 2002 2002 2002 2002 2002 2002 2002 2002 2002 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2005 2005 2005 2005 2005 2005 2005 10 11 12 1 2 3 4 53 63 59 55 142 108 182 150 144 121 161 Rib EP $7.02 $7.16 $7.33 $7.38 $6.47 $7.14 $7.02 $6.28 $7.57 $6.72 $7.73 $7.71 $6.74 $6.87 $7.11 $7.00 $6.70 $7.08 $6.54 $6.46 $6.72 $6.89 $7.69 $7.44 $6.65 $6.72 $751 $780 $7.40 $6.64 $6.68 $7.73 $8.20 $8.32 $9.74 $9.87 $9.92 $8.48 $751 $8.27 $8.27 $8.86 $8.55 $8.87 $7.48 $8.20 $8.59 $8.10 $8.34 $7.90 $7.88 $8.92 $7.60 $7.99 $7.18 ChickP $1.61 $1.68 $1.57 $1.73 $1.74 $1.63 $1.69 $1.71 $1.79 $1.65 $1.75 $1.79 $1.65 $1.72 $1.68 $1.67 $1.63 $1.66 $1.73 $1.73 $1.76 $1.68 $1.62 $183 $1.70 $1.67 $1.68 $184 $1.81 $1.74 $1.71 $182 $1.80 $1.80 $1.79 $1.85 $1.61 $1.61 $1.64 $1.66 $1.66 $1.66 $1.70 $1.85 $1.72 $1.63 $1.68 $1.64 $1.59 $1.55 $1.61 $1.64 $1.60 $1.65 $1.62 Dispinc 8664.6 8689.8 8711.7 8710.7 87165 8732.4 87332 8727.7 8738.5 8743.1 8751.7 8769.6 8789.9 8814.2 8840.2 8879 88893 8907.6 88948 8892.7 8898.8 89103 8920.8 8945.3 8976.3 90115 9053.2 90679 91245 9163.4 91882 92142 9243.7 9271.7 9339.4 93748 9435.9 94879 9530.7 95718 9628.3 9642.8 9689 97398 9759 9858.4 9924.9 10291 10025.2 10072.9 10122 10145.1 10180.6 102315 10268.8 49 5 $6.28 $5.43 $5.46 $4.81 $5.49 $5.54 $5.76 $5.28 $6.05 $5.34 $5.10 $6.88 $5.67 $5.65 $6.38 $6.22 $5.86 $6.72 $7.12 $6.54 $6.70 $6.91 $7.33 $6.70 $7.75 $7.22 $7.57 $8.40 $6.65 $6.94 $7.40 $7.45 $7.51 $8.60 $8.54 $8.36 $6.98 $6.88 $7.19 $7.08 $6.89 $7.05 $7.80 $7.88 $7.68 $8.17 $8.06 92 88 65 6 7 280 92 41 42 9 10 11 12 1 56 30 41 51 25 34 54 33 34 170 165 106 104 91 63 67 111 118 107 125 117 119 143 100 2 3 4 5 6 7 8 9 10 11 12 1 2 3 41 83 90 77 86 165 109 89 125 108 88 101 85 113 85 90 113 98 86 93 127 83 94 $2.86 $2.90 $3.03 $2.83 $2.55 $2.25 $2.37 $2.27 $2.28 $2.52 $2.64 $2.64 $2.61 $2.69 $2.67 $2.62 $2.70 $2.82 $2.66 $2.51 $2.47 $2.44 51 45 27 31 38 39 82 73 70 89 84 105 111 159 141 156 30 4 5 6 7 38 55 40 39