Q=f (price, income) Linear Specification Q=+_1 P+_2 I =intercept _1=price coefficient _2=income coefficient Using the data provided to you in excel file, estimate the demand equation or specification provided above. The data consists of the quantity and price (per case) of Fanta (soft drink) sold in each state, as well as the average income (in thousands of dollars) of consumers living in various regions of each state. Please note there are multiple tabs at the bottom of the spreadsheet, each refers to one of the seven states selling the Fanta. Assuming that the underlying demand relation is a linear function of price and income, use your spreadsheet program to obtain least squares estimates of one of the states demand for Fanta. Based on your results or output, complete the following questions. Copy and paste the regression result here. Write the estimated equation consistent with the specification given above Q=__________+______P+________I What is the R-square value? What does it show? Are all the estimated equations significant? What will happen to the quantity demanded for Fanta if its price goes up by $1? What will happen to the demand for Fanta if the income of a consumer goes up by $100?