Suppose the Kalamazoo Brewing Company $($KBC$)$ currently sells its microbrews in a seven$-$state area: Illinois, Indiana, Michigan, Minnesota, Mississippi, Ohio, and Wisconsin. The company$$s data analytics department has collected data from its distributors in each state. This data consists of the quantity and price $($per case$)$ of microbrews sold in each state, as well as the average income $($in thousands of dollars$)$ of consumers living in various regions of each state. The data for each state are available via the link below$--$please note there are multiple tabs at the bottom of the spreadsheet, each refers to one of the seven states selling the Kalamazoo Brewing Company$$s microbrews.

Excel Data File

Assuming that the underlying demand relation is a linear function of price and income, use your spreadsheet program to obtain least squares estimates of Minnesota$$s demand for KBC microbrews.

Instruction: If the estimate is negative, enter a negative number $()$ in the equation. Enter your responses rounded to two decimal places.

Q $=$

$182\mathrm{.}44$

$+$

Price $+$

Income

Quantity Price Income

$18329\mathrm{.}2530\mathrm{.}72$

$20730\mathrm{.}137\mathrm{.}57$

$18330\mathrm{.}5429\mathrm{.}43$

$19228\mathrm{.}6737\mathrm{.}2$

$18230\mathrm{.}2335\mathrm{.}87$

$21729\mathrm{.}7635\mathrm{.}16$

$18031\mathrm{.}7727\mathrm{.}7$

$19531\mathrm{.}0132\mathrm{.}96$

$20029\mathrm{.}2132\mathrm{.}3$

$19830\mathrm{.}7936\mathrm{.}1$

$19529\mathrm{.}7532\mathrm{.}68$

$20529\mathrm{.}9837\mathrm{.}49$

$18230\mathrm{.}0631\mathrm{.}32$

$21828\mathrm{.}9438\mathrm{.}67$

$23129\mathrm{.}7634\mathrm{.}82$

$21227\mathrm{.}9442\mathrm{.}27$

$22230\mathrm{.}7540\mathrm{.}03$

$15028\mathrm{.}9630\mathrm{.}02$

$18330\mathrm{.}9634\mathrm{.}3$

$15829\mathrm{.}0329\mathrm{.}89$

$19930\mathrm{.}8335\mathrm{.}27$

$19630\mathrm{.}633\mathrm{.}55$

$23429\mathrm{.}9840\mathrm{.}03$

$17129\mathrm{.}2729\mathrm{.}91$

$17131\mathrm{.}4233\mathrm{.}69$

$17029\mathrm{.}2431\mathrm{.}51$

$21027\mathrm{.}6130\mathrm{.}6$

$18430\mathrm{.}6434\mathrm{.}36$

$22329\mathrm{.}9737\mathrm{.}59$

$17731\mathrm{.}8731\mathrm{.}78$

$16830\mathrm{.}0627\mathrm{.}47$

$19228\mathrm{.}8340\mathrm{.}64$

$20130\mathrm{.}9136\mathrm{.}2$

$20729\mathrm{.}8438\mathrm{.}05$

$24129\mathrm{.}9439\mathrm{.}55$

$21630\mathrm{.}6735\mathrm{.}38$

$19331\mathrm{.}0340\mathrm{.}42$

$18728\mathrm{.}4537\mathrm{.}29$

$19430\mathrm{.}0229\mathrm{.}68$

$21230\mathrm{.}8540\mathrm{.}61$

$14130\mathrm{.}4628\mathrm{.}23$

$21728\mathrm{.}8536\mathrm{.}87$

$19429\mathrm{.}3436\mathrm{.}59$

$18230\mathrm{.}129\mathrm{.}56$

$22528\mathrm{.}8836\mathrm{.}26$

$21430\mathrm{.}234\mathrm{.}29$

$19828\mathrm{.}5641\mathrm{.}7$

$18329\mathrm{.}5130\mathrm{.}92$

$20629\mathrm{.}8631\mathrm{.}22$

$19830\mathrm{.}8332\mathrm{.}39$