QUESTION SEVEN A Statistician in your company gives you the information in the table shown below regarding demand for good x. Constant Price Income Price of other good Estimated coefficient 50.7836 -4.9892 0.0034 -1.2801 0.5890 P-values 0.0034 0.0045 R - Squared = 0.6937, A two tailed hypothesis was formulated with 5 percent level of significance. a) Write down the estimated function.(3 marks). b ) Are the individual variables relevant to the demand for good x? Justify your answer for each variable by giving a clear explanation (respectively). (12 marks). Give the definition of R-squared and explain the decision that the owner of the business under study should arrive at based on the R-squared indicated. (3 marks). b) Explain how you would determine the significance of all the independent variables in the estimated function, taken together. (2 marks)