The data set contains beef demand data ((pounds purchasedper month)) from 1985-86. The variables are: Quantity of
Question:
The data set contains beef demand data ((pounds purchasedper 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 |
19. If we assume that the price of beef is equal to zero, the price of chicken is equal to zero, and the level of income is equal to zero, then what would the estimated the value of beef demand be, based on our regression equation?
Group of answer choices
428,400
0
290,430
166,200