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The data set contains beef demand data (pounds purchased per month) from 1985-86. The variables are: Quantity of beef; price of beef purchased in cents

The data set contains beef demand data (pounds purchased per month) from 1985-86.  The variables are: Quantity of beef; price of beef purchased in cents per pound; Income is consumer income in dollars; Prch is the price of chicken in cents per pound. Below is the regression output;  

Regression Statistics

    

Multiple R

0.90

    

R Square

0.81

    

Standard Error

3182.960488

    

Observations

24

  

 

    

 

ANOVA

     

 

df

SS

MS

F

Significance F

Regression

3

695105030.4

2.32E+08

22.87

1.13E-06

Residual

20

202624749.4

10131237

  

Total

23

897729779.8

 

 

 

 

Coefficients

Standard Error

t Stat

P-value

 

Intercept

166,200

49771.53725

3.339809

0.003264

 

Prbf

-535.00

103.2627479

-5.18055

4.54E-05

 

Inc

25.00

9.16031234

2.370855

0.027906

 

Prch

300.00

137.3790156

2.458302

0.023205

 

 

 

17. What is the value of the regression estimated slope coefficient associated with the price of beef?

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