Using the average values for the independent variables and your estimated demand function, compute the demand for TRASCOTT in a typical market. (6pts)

Define and interpret the standard error of the estimate AND estimate the range within which actual demand for TRASCOTT is expected to fall with a 95% confidence level.

Quanitity Demanded AVERAGES 3090 3059 3040 3039 2942 2934 2875 2870 2849 2842 2934 2821 2819 2791 2729 2721 2659 2633 2623 2586 2557 2517 2503 2502 Price of Trascott burger Income 7.5 7.5 7.5 7.5 8.5 8.5 8.5 22600 28444 28264 28259 27950 27350 27350 8.65 26850 8.65 26450 8.65 26350 8.65 26350 8.65 26200 8.65 26120 9.75 26120 9.75 26120 9.75 25970 9.75 25970 9.99 25950 9.99 25950 9.99 25750 9.99 25750 10.25 25700 10.25 25600 10.25 25500 9.05 26371.54 Advertise Expidenture Price of Big Mac 1.85 10.55 10.45 10.35 10.3 10.3 10.25 10.25 10.25 10.25 10.25 10.25 10.2 10.15 10.1 10.1 10.1 10 10 10 10 9.75 9.75 9.65 9.6 10.12 1.75 1.75 1.5 1.35 1.25 1.25 1.25 1.2 1.2 1.15 1.15 1.15 1.1 1.05 1.05 0.95 0.95 0.85 0.55 0.55 0.55 0.55 0.16 1.09