Question

In: Statistics and Probability

The ice cream store cool stuff sells exotic ice creams, including Tropical Cream and Green Mango....

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

Solutions

Expert Solution

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!!


Related Solutions

The ice cream store cool stuff sells exotic ice creams, including Tropical Cream and Green Mango....
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. Now...
Given the weekly price and quantity (Q and P) data for Cool Stuff ice cream over...
Given the weekly price and quantity (Q and P) data for Cool Stuff ice cream over the past 12 weeks and the price of another ice-cream flavor (Po) as: Q 84 82 85 83 82 84 87 81 82 79 82 78 P 8.50 9.00 8.75 9.25 9.50 9.25 8.25 10.00 10.00 10.50 9.50 10.25 Po 5.25 6.00 6.00 6.50 6.25 6.25 5.25 7.00 7.25 7.25 6.75 7.25 a. Use excel regression to estimate the weekly demand for Cool Stuff...
Kilo-cone is an ice-cream store that sells 1kg ice cream cones, and has the following information:...
Kilo-cone is an ice-cream store that sells 1kg ice cream cones, and has the following information: Estimated monthly Sales (in cones) January to March:       45,000 per month April to September:   70,000 per month October to December: 20,000 per month Ice cream cones sell for $1 each from January 1st to March 31st, and $3 each during the rest of the year. Half of the sales are paid in cash, and the other half is on account. 90% of the sales...
Question 20 A really cool ice cream store owner developed a model to relate to his...
Question 20 A really cool ice cream store owner developed a model to relate to his ice cream shop sales (Y) to the amount of advertising dollars he spent (X1) to the number of extra smiling faces he put on staff for the day (X2) to the degrees in average daily temperature above 70 degrees (X3) ((At 70 degrees X3=)(at 70 degrees X3=0 ) The multiple regression equation for this model is: Ŷ=$5000 + $500(X1) + $200(X2) + 100(X3)    where:...
An ice cream store sells a pint of ice cream for $4.00 each. The shop incurs a monthly fixed cost of $2,000
An ice cream store sells a pint of ice cream for $4.00 each. The shop incurs a monthly fixed cost of $2,000 which includes salaries and rental. The variable cost per pint of ice cream is $1.50. The company is currently selling 600 pints per month.A. How many pints per month does the store need to sell to break-even?B. Using Goal Seek what is the new selling price per pint to achieve a profit of $10,000, if the company continues...
At an Ice Cream Store, a single scoop of ice-cream can be modeled by a hemisphere...
At an Ice Cream Store, a single scoop of ice-cream can be modeled by a hemisphere which is 1 inch tall. The ice-cream fits perfectly on top of a cone that is 4 inches tall and has a 1 inch radius at the top. 1. Write one equation in Cartesian coordinates (x, y, z) to describe the scoop and one equation for the cone. 2. If the mass of one scoop of ice cream is 60 grams and that the...
At an ice cream store, there are 6 flavors of ice cream: banana, strawberry, vanilla, mint,...
At an ice cream store, there are 6 flavors of ice cream: banana, strawberry, vanilla, mint, chocolate and raspberry. How many different 2- flavor ice cream cones can be made? (5 points) Steve has 6 pants and 7 shirts in his closet. He wants to wear a different pant/shirt combination each day without buying new cloths for as long as he can. How many weeks can he do this for? (5 points)
Irene operates an ice cream store called Ice Queen Irene’s Ice Cream Dream, Incorporated. Irene is...
Irene operates an ice cream store called Ice Queen Irene’s Ice Cream Dream, Incorporated. Irene is the sole owner and shareholder. The company has been in operation for a few years now, so much that Irene has been able to hire employees and pay herself a salary of $150, 000 per year for being the President, CEO and Operations Manager of the company. From sourcing more affordable products, to keeping up to date with the industries latest gadgets for efficiency,...
YoYo Ice Cream is a firm in a perfect competitive industry. YoYo Ice Cream sells a...
YoYo Ice Cream is a firm in a perfect competitive industry. YoYo Ice Cream sells a pint of ice cream for $20 per unit. When YoYo Ice Cream produces 200 units of output, the average variable cost is $16, the marginal cost is $18, the and average total cost is $23. Compare the YoYo's Ice Cream profit or loss at 200 units of output with its profit or loss if it were to shut down.
There are 10 ice creams. There are strawberry, coconut, matcha, and melon flavor. Suppose that each ice cream of the same flavor is indistinguishable from another.
  There are 10 ice creams. There are strawberry, coconut, matcha, and melon flavor. Suppose that each ice cream of the same flavor is indistinguishable from another. a. How many combinations are there such that there is at least 2 strawberry and at most 2 coconut ice cream? b. How many combinations are there such that there is at least 2 strawberry, at most 2 coconut ice cream, and at least 1 matcha if someone 3 ice creams. (Hint: There...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT