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Part 1: Open the attached Excel file. . Go to the sheet with your student ID. Use the data to estimate the demand function. Explain the steps to estimate the demand function, including the elasticities of demand. Display the output table in the submitted document. Test for the significance of coefficients, then interpret the value of each coefficient and the value of R-squared. Baut 2. Year Sales of X Price of X Price of Y Gross National Income 1988 125.037553 $46.71 $104 34867.137 1989 171.6198464 $46.77 $96 35810.222 1990 92.1358959 $46.83 $100 36126.296 1991 71.8665821 $46.89 $102 35584.793 1992 116,930873 $46.94 $107 36317.617 1993 88.6007021 $47.00 $103 36820.454 1994 75.0397171 $47.06 $105 37784.808 1995 112.124296 $47.12 $104 38358.935 1996 132.197581 $47.18 $105 39351.972 1997 86.0705338 $47.23 $100 40565.852 1998 73.2236951 $47.29 $101 41859.858 1999 95.4018887 $47.35 $105 43380.181 2000 126.706947 $47.41 $108 44704.213 2001 87.807099 $47.47 $110 44759.353 2002 80.1910374 $47.53 $103 45097.684 2003 101.484988 $47.59 $105 46034.305 2004 83.161895 $47.65 $104 47403.579 2005 91.8174419 $47.70 $108 48597.463 2006 86.7934004 $47.76 $109 49391.668 2007 104.784661 $47.82 $105 50033.292 2008 112.310624 $47.88 $105 49634.198 2009 99.7509344 $47.94 $110 47926.527 2010 113.648362 $48.00 $106 48902.232 2011 136.19617 $48.06 $105 49402.656 2012 94.1082517 $48.12 $108 50103.544 2013 88.2439897 $48.18 $104 50646.637 2014 70.9226524 $48.24 $105 51511.177 2015 144.758618 $48.30 $104 52536.854 2016 132.593671 $48.36 $107 52943.015 2017 94.4347583 $48.42 $105 53815.558 2018 83.4971301 $48.48 $109 55079.457 2019 87.5602724 $48.54 $111 56181.05 Part 1: Open the attached Excel file. . Go to the sheet with your student ID. Use the data to estimate the demand function. Explain the steps to estimate the demand function, including the elasticities of demand. Display the output table in the submitted document. Test for the significance of coefficients, then interpret the value of each coefficient and the value of R-squared. Baut 2. Year Sales of X Price of X Price of Y Gross National Income 1988 125.037553 $46.71 $104 34867.137 1989 171.6198464 $46.77 $96 35810.222 1990 92.1358959 $46.83 $100 36126.296 1991 71.8665821 $46.89 $102 35584.793 1992 116,930873 $46.94 $107 36317.617 1993 88.6007021 $47.00 $103 36820.454 1994 75.0397171 $47.06 $105 37784.808 1995 112.124296 $47.12 $104 38358.935 1996 132.197581 $47.18 $105 39351.972 1997 86.0705338 $47.23 $100 40565.852 1998 73.2236951 $47.29 $101 41859.858 1999 95.4018887 $47.35 $105 43380.181 2000 126.706947 $47.41 $108 44704.213 2001 87.807099 $47.47 $110 44759.353 2002 80.1910374 $47.53 $103 45097.684 2003 101.484988 $47.59 $105 46034.305 2004 83.161895 $47.65 $104 47403.579 2005 91.8174419 $47.70 $108 48597.463 2006 86.7934004 $47.76 $109 49391.668 2007 104.784661 $47.82 $105 50033.292 2008 112.310624 $47.88 $105 49634.198 2009 99.7509344 $47.94 $110 47926.527 2010 113.648362 $48.00 $106 48902.232 2011 136.19617 $48.06 $105 49402.656 2012 94.1082517 $48.12 $108 50103.544 2013 88.2439897 $48.18 $104 50646.637 2014 70.9226524 $48.24 $105 51511.177 2015 144.758618 $48.30 $104 52536.854 2016 132.593671 $48.36 $107 52943.015 2017 94.4347583 $48.42 $105 53815.558 2018 83.4971301 $48.48 $109 55079.457 2019 87.5602724 $48.54 $111 56181.05