Using Excel, run the Multiple Regression to estimate the demand for beef. There are two other variables: potato as a complementary good and chicken as a substitute good. The dummy variable is wholesale=1, 0 otherwise.

1. Using ? =.05, test the equation (F-test, use df = 5 and 30 or 40).
2. Test all independent variables (t-test, df = 30 or 40)
3. What is the price elasticity of beef? For P and Q, use the average values.

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Qbeef Pbeef P potato Pchicken Dummy 100 5 0.5 90 5.1 0.6 89 5.2 0.4 2.2 70 5.3 0.6 2.1 77 5.4 0.6 2.1 69 5.5 0.6 NEE~~N 2 1 2 1 0 0 0 2 0 70 5.6 0.6 2.3 1 99 5.7 0.3 2.2 1 98 5.8 98 5.9 97 6 97 96 96 95 95 95 96 95 88 666666666 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 6.9 77 97 95 7.1 OOOOOOOOOooooo 0.3 0.5 35 2.1 1 0.5 22 0 2 1 0.5 2 0 0.4 2.2 0 0.3 2.1 0 0.3 2.1 0 0.2 2.1 1 0.3 2 0 0.4 2 1 0.4 2 0 0.4 2 1 0.3 1 0 0.2 98 7.2 0.4 99 7.3 0.4 93 7.4 0.3 2.3 93 7.5 0.3 2.2 22222 1 1 1 1 1 92 7.6 0.3 67 7.7 0.5 90 7.8 0.5 92 7.9 0.5 93 8 0.5 35555 2.1 1 2.1 0 2.2 0 2.2 1 2.1 1 88 8.1 0.6 2.2 1 77 8.2 0.6 2.3 0 77 8.3 77 8.4 34 0.6 2.2 0 0.7 77 8.5 0.7 66 8.6 0.5 55 8.7 0.6 7756 2.1 2.4 2.4 2.4 1100