Use the spreadsheet data to estimate the demand for soft drinks. the spreadsheet data includes the

demand for soft drinks in each of the 48 continental states for a particular year. Present your results in the form of a short report (maximum 1500 words) with the following elements:

1. A brief introduction to report. This should include an indication of the form of the model used, including the expected signs of the coefficients for each variable (use quality academic resources in this area, why do you think these factors affect the demand function).

2. An analysis of each variable in the model. This should include:

• An interpretation of each estimated coefficient

• A discussion of whether sign of the estimated coefficient met your expectation

• Testing the validity of each variable using the p-value

State Alabama Arizona Arkansas California Colorado Connecticutt Delaware Florida Georgia Idaho Ilinois Indiana lowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Cans Bought 6-Pack Price Per Capita Income (Millions) (Cents) $ Thousands) 981 196 $49.90 1126 193 $59.20 712 168 $47.10 5347 393 $75.30 715 242 $72.00 426 318 $76.30 305 215 $64.80 5301 224 $55.50 3187 169 $58.80 163 221 $55.60 1437 222 $65.00 1252 197 $55.70 334 199 $60.00 416 193 $58.20 1036 186 $50.20 1238 185 $47.90 156 257 $55.60 1325 273 $83.20 788 301 $79.80 1081 200 $56.70 617 235 $70.30 745 170 $44.70 1260 169 $54.50 86 247 $55.30 195 207 $59.60 532 238 $58.60 249 249 $75.00 1274 289 $81.70 331 $47.20 2143 338 $67.80 3532 179 $53.90 230 $63.80 1932 201 $56.10 737 191 $51.90 292 $63.40 293 235 $60.90 153 266 $64.30 1257 185 $52.30 87 234 $56.30 1629 194 $52.40 6594 190 $60.60 331 233 $71.40 39 $60.80 2323 205 $72.60 602 242 $74.10 260 192 $44.10 573 232 $60.80 62 206 $61.60 Price of Water Population Cost of Living (Cents Per Bottle) (Millions) Index 30 4.9 89.3 30 7.5 97 28 3 86.9 43 39.6 151.7 28 5.9 105.6 32 3.6 127.7 28 1.4 108.1 35 219 97.9 29 10.8 89.2 21 1.9 92.3 25 12.6 945 24 6.8 90 23 3.2 90.1 25 2.9 89 26 45 90.9 33 4.6 93.9 24 1.4 1175 35 6.1 129.7 31 6.9 131.6 21 10 88.9 21 5.7 101.6 28 3 86.1 25 6.2 87.1 24 1.1 106.9 22 2 90.8 26 3.2 108.5 19 1.4 109.7 34 8.9 125.1 25 2.1 87.5 34 19.3 139.1 28 10.7 94.9 20 0.8 98.8 23 11.7 90.8 36 4 87 34 4.3 134.2 26 12.8 101.7 30 1.1 119.4 31 5.3 95.9 23 0.9 99.8 27 6.9 88.7 32 29.7 915 25 3.3 98.4 25 0.6 114.5 29 8.6 100.7 27 7.8 110.7 25 1.8 91.1 23 5.9 973 21 0.6 89.3 190 302 270 State Alabama Arizona Arkansas California Colorado Connecticutt Delaware Florida Georgia Idaho Ilinois Indiana lowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Cans Bought 6-Pack Price Per Capita Income (Millions) (Cents) $ Thousands) 981 196 $49.90 1126 193 $59.20 712 168 $47.10 5347 393 $75.30 715 242 $72.00 426 318 $76.30 305 215 $64.80 5301 224 $55.50 3187 169 $58.80 163 221 $55.60 1437 222 $65.00 1252 197 $55.70 334 199 $60.00 416 193 $58.20 1036 186 $50.20 1238 185 $47.90 156 257 $55.60 1325 273 $83.20 788 301 $79.80 1081 200 $56.70 617 235 $70.30 745 170 $44.70 1260 169 $54.50 86 247 $55.30 195 207 $59.60 532 238 $58.60 249 249 $75.00 1274 289 $81.70 331 $47.20 2143 338 $67.80 3532 179 $53.90 230 $63.80 1932 201 $56.10 737 191 $51.90 292 $63.40 293 235 $60.90 153 266 $64.30 1257 185 $52.30 87 234 $56.30 1629 194 $52.40 6594 190 $60.60 331 233 $71.40 39 $60.80 2323 205 $72.60 602 242 $74.10 260 192 $44.10 573 232 $60.80 62 206 $61.60 Price of Water Population Cost of Living (Cents Per Bottle) (Millions) Index 30 4.9 89.3 30 7.5 97 28 3 86.9 43 39.6 151.7 28 5.9 105.6 32 3.6 127.7 28 1.4 108.1 35 219 97.9 29 10.8 89.2 21 1.9 92.3 25 12.6 945 24 6.8 90 23 3.2 90.1 25 2.9 89 26 45 90.9 33 4.6 93.9 24 1.4 1175 35 6.1 129.7 31 6.9 131.6 21 10 88.9 21 5.7 101.6 28 3 86.1 25 6.2 87.1 24 1.1 106.9 22 2 90.8 26 3.2 108.5 19 1.4 109.7 34 8.9 125.1 25 2.1 87.5 34 19.3 139.1 28 10.7 94.9 20 0.8 98.8 23 11.7 90.8 36 4 87 34 4.3 134.2 26 12.8 101.7 30 1.1 119.4 31 5.3 95.9 23 0.9 99.8 27 6.9 88.7 32 29.7 915 25 3.3 98.4 25 0.6 114.5 29 8.6 100.7 27 7.8 110.7 25 1.8 91.1 23 5.9 973 21 0.6 89.3 190 302 270