The dataset fish.dta contains data for 97 days of sales at Japan's Fish Market. The variables are defined in the table below:

id

Observation Number

ltotqty

Log of total quantity sold

lavgprc

Log of average price per pound

mon - thurs

Dummies for days of the week (Friday omitted)

speed2

Minimum of wind speed of past 2 days

speed3

Three-day ago of maximum wind speed

wave2

Average max wave height of last 2 days

wave3

Average max wave height of 3 and 4 days ago

We seek to estimate the elasticity of the demand and/or supply for fish at the market. Consider which variables should affect demand and which should affect supply, then specify and estimate a demand and/or supply curve using appropriate methods.

Your answer should include the following sections:

1. Introduction and basic assumptions

2. Specification of the econometric model

3. Estimation (code) and Results

4. Analysis and interpretation