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Please use the excel sheet to solve this: Consumption of hamburgers (thousands of burgers per week) in 12 different cities is shown here. Prices of
Please use the excel sheet to solve this:
Consumption of hamburgers (thousands of burgers per week) in 12 different cities is shown here. Prices of hamburgers, income per capita, and prices of hot dogs for the cities are also shown. City Hamburger Hamburger Price Income ($) Hot dog Price ( $} Consumption ($) 1 50 | .50 12.000 1.80 2 '80 1.35 14,200 1.55 3 95 l.25 15.000 1.45 4 105 1.20 16.000 1.35 5 70 1.40 13,800 1.60 6 85 1.30 14.300 1.50 \"i 55 1.50 13.300 \"'0 8 60 1.45 13.300 1.?0 9 75 1.35 13.700 1.60 10 90 1.25 14,500 I50 1i 100 1.20 15.200 1.35 12 65 1.45 13.600 L65 A. Use regression analysis to estimate hamburger consumption as a multiplicative function of the price of hamburgers, income, and hot dog price. B. Based on the regression write the demand equation, t- statistics, the coe'icient of determination and the adjusted one, and the F statistics. C. Interpret the results as reported in b above! Make sure to base your results on comparison with critical values. D. Which coefcients are signicant at the 0.05 level? Explain your answer! Interpret the other results. E. What does the lower and upper 95% results indicate? Please interpret! F. Based on estimates from part (a), what are the price, income, and cross-price elasticities? C. Is the cross-price elasticity consistent with economic theory? Explain. H. Is there an autocorrelation problem in this question? Explain your answer. What other problem(s) we may worry about in this particular regression exercise? I. What is the point estimate of hamburger consumption if hamburger price = $1.6/unit, income = $15,000 and hotdog price = $1.2/unit. What would be the range estimate of hamburger consumption based on the information providedStep by Step Solution
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