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In: Statistics and Probability

From the data for 46 states in the United States for 1992, Baltagi obtained the following...

From the data for 46 states in the United States for 1992, Baltagi obtained the following regression results:

                                              LogC=  4.3- 1.34 log P +0.17 log Y

                                                    Se=(0.91)  (0.32)       (0.20)                                    R2=0.27

Where C= cigarette consumption, Packs per year

              P= real price per pack

              Y= real disposable income per capita

  1. What is the elasticity of demand for cigarettes with respect to price? Is it statistically significant?
  2. What is the income elasticity of demand for cigarettes? Is it statistically significant?
  3. What is the overall significance of the regression? Which test do you use?  

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