Please answer the following questions based on the files

Managerial Economics Questions 1. Estimate the demand for soft drinks using a multiple regression program available on your computer. 2. Interpret the coefficients and calculate the price elasticity of soft drink demand. 3. Omit price from the regression equation and observe the bias introduced into the parameter estimate for income. 4. Now omit both price and temperature from the regression equation. Should a marketing plan for soft drinks be designed that relocates most canned drink machines into low-income neighborhoods? Why or why not? TABLE 1 Alabama Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada Soft Drink Demand Data (available as an Excel file on this book's Web site) CANS/ CAPITA/ YR 200 150 237 135 121 118 217 242 295 85 114 184 104 143 230 269 111 217 114 108 108 248 203 77 97 166 6-PACK $ PRICE 2.19 1.99 1.93 2.59 2.29 2.49 1.99 2.29 1.89 2.39 2.35 2.19 2.21 2.17 2.05 1.97 2.19 2.11 2.29 2.25 2.31 1.98 1.94 2.31 2.28 2.19 INCOME $/ CAPITA 13 17 11 25 19 27 28 18 14 16 24 20 16 17 13 15 16 21 22 21 18 10 19 19 16 24 MEAN TEMP. F 66 62 63 56 52 50 52 72 64 46 52 52 50 56 56 69 41 54 47 47 41 65 57 44 49 48 New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennesse 177 143 157 111 330 63 165 184 68 121 138 237 95 236 2.27 2.31 2.17 2.43 1.89 2.33 2.21 2.19 2.25 2.31 2.23 1.93 2.34 2.19 18 24 15 25 13 14 22 16 19 20 20 12 13 13 35 54 56 48 59 39 51 82 51 50 50 65 45 60 Texas Utah Vermont Virginia Washington West Virginia Winsconsin Wyoming 222 100 64 270 77 144 97 102 2.08 2.37 2.36 2.04 2.19 2.11 2.38 2.31 17 16 16 16 20 15 19 19 69 50 44 58 49 55 46 46