Part 1: Open the attached Excel file. ..... 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. Year Sales of X Price of X Price of Y Gross National Income 1988 84.7861394 $50.40 $101 34867.137 1989 80.4760734 $50.40 $102 35810.222 1990 61.8644752 $50.40 $103 36126.296 1991 141.500428 $50.40 $103 35584.793 1992 73.5582244 $50.41 $101 36317.617 1993 64.1157775 $50.41 $102 36820.454 1994 96.5444802 $50.41 $105 37784.808 1995 75.789467 $50.41 $97 38358.935 1996 88.3685524 $50.42 $106 39351.972 1997 95.5650114 $50.42 $104 40565.852 1998 78.5968589 $50.42 $100 41859.858 1999 92.0608994 $50.42 $107 43380.181 2000 74.6239015 $50.43 $103 44704.213 2001 121.121754 $50.43 $105 44759.353 2002 72.9469495 $50.43 $101 45097.684 2003 106.590832 $50.43 $105 46034.305 2004 100.451288 $50.43 $101 47403.579 2005 102.23170 $50.44 $110 48597.463 2006 145.441236 $50.44 $102 49391.668. 2007 72.6409433 $50.44 $113 50033.292 2008 76.8041724 $50.44 $107 49634.198 2009 86.9046078 $50.45 $103 47926.527 2010 79.8707624 $50.45 $104 48902.232 2011 90.2724457 $50.45 $106 49402.656 2012 99.3081326 $50.45 $109 50103.544 2013 75.372495 $50.45 $105 50646.637 2014 134.240928 $50.46 $113 51511.177 2015 102.877558 $50.46 $115 52536.854 2016 130.60305 $50.46 $109 52943.015 2017 78.4142037 $50.46 $113 53815.558 2018 77.0916695 $50.47 $110 55079.457 2019 85.9488432 $50.47 $111 56181.05 Part 1: Open the attached Excel file. ..... 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. Year Sales of X Price of X Price of Y Gross National Income 1988 84.7861394 $50.40 $101 34867.137 1989 80.4760734 $50.40 $102 35810.222 1990 61.8644752 $50.40 $103 36126.296 1991 141.500428 $50.40 $103 35584.793 1992 73.5582244 $50.41 $101 36317.617 1993 64.1157775 $50.41 $102 36820.454 1994 96.5444802 $50.41 $105 37784.808 1995 75.789467 $50.41 $97 38358.935 1996 88.3685524 $50.42 $106 39351.972 1997 95.5650114 $50.42 $104 40565.852 1998 78.5968589 $50.42 $100 41859.858 1999 92.0608994 $50.42 $107 43380.181 2000 74.6239015 $50.43 $103 44704.213 2001 121.121754 $50.43 $105 44759.353 2002 72.9469495 $50.43 $101 45097.684 2003 106.590832 $50.43 $105 46034.305 2004 100.451288 $50.43 $101 47403.579 2005 102.23170 $50.44 $110 48597.463 2006 145.441236 $50.44 $102 49391.668. 2007 72.6409433 $50.44 $113 50033.292 2008 76.8041724 $50.44 $107 49634.198 2009 86.9046078 $50.45 $103 47926.527 2010 79.8707624 $50.45 $104 48902.232 2011 90.2724457 $50.45 $106 49402.656 2012 99.3081326 $50.45 $109 50103.544 2013 75.372495 $50.45 $105 50646.637 2014 134.240928 $50.46 $113 51511.177 2015 102.877558 $50.46 $115 52536.854 2016 130.60305 $50.46 $109 52943.015 2017 78.4142037 $50.46 $113 53815.558 2018 77.0916695 $50.47 $110 55079.457 2019 85.9488432 $50.47 $111 56181.05
