Question

The ice cream store cool stuff sells exotic ice creams, including Tropical Cream and Green Mango. Cool Stuff has been varying the prices of these two flavors over the past 16 quarters and has recorded the sales data. The table shows the quantity sold of Tropical Cream, Q, given the price of a half-gallon of Tropical Cream, P, and the price of the other flavor, Green Mango, Po. Use these data to estimate the demand function for Tropical Cream. Are the coefficients on the model statistically significantly different from zero at the 5% significance level?

Q	P	P0
210	21	13
205	23	15
213	22	15
208	23	16
205	24	16
210	23	16
218	21	13
201	25	18
205	25	18
198	26	18
205	24	17
195	26	18
222	21	19
156	25	15
189	24	14
198	20	18

Answer 1

to solve this question here I have used R. The data set is loaded here in r and I have explained the steps itself in the img. You can use any tool for the same but the ans will be one and the same and the underlying here is that you should be able to interpret the ans which you will be after looking at the analysis.

Hope the above answer has helped you in understanding the proble. Please upvote the ans if it has really helped you. Good Luck!!