Question

Quantity of Chicken demanded (Qd)	Price of chicken (Pc)	Income (I)	Price of Juice (Pj)	Advertising (Ad)	Price of beef (Pb)
4427.8	42.2	13500	65.8	78.3	20.7
4429.9	38.1	13413.3	66.9	79.2	22
4429.8	40.3	13439.2	67.8	79.2	24
4430.8	39.5	13459.7	69.6	79.2	25.3
4431.2	37.3	13492.9	68.7	77.4	24.7
4433.3	38.1	13528.6	73.6	80.2	23.7
4435.6	39.3	13560.3	76.3	80.4	29.8
4436.4	37.8	13624.6	77.2	83.9	25.9
4436.7	38.4	13666.4	78.1	85.5	24.5
4438.4	40.1	13717.8	84.7	93.7	20
4440.4	38.6	13768.2	93.3	106.1	23.2
4440.3	39.8	13843.3	89.7	104.8	27.8
14441.8	39.7	13911.6	100.7	114	39.1
4440.4	52.1	13931.1	113.5	124.1	35.4
4440.7	48.9	14021.5	115.3	127.6	34.2
4440.1	58.3	14165.9	136.7	142.9	43.5
4442.7	57.9	14349.6	139.2	143.6	49.9
4444.1	56.5	14449.4	132	139.2	47.6
4446.7	63.7	14575.5	132.1	165.5	40.9
4450.6	61.6	14759.1	154.4	203.3	49.8
4450.1	58.9	14994.2	174.9	219.6	48
4451.7	66.4	14258.1	180.8	221.6	41
4452.9	70.4	14478.7	189.4	232.6	48.2
4452.8	70.3	14478.6	189.3	232.5	48.1

1. Write your regression equation i.e. demand function
2. Enter data provided into excel or statplus as per instructions attached and run your regression / derive your coefficient estimates

Answer 1

Excel Regression summary output as follows.

SUMMARY OUTPUT
Regression Statistics
Multiple R	0.6421
R Square	0.4123
Adjusted R Square	0.2490
Standard Error	1769.1992
Observations	24
ANOVA
	df	SS	MS	F	Significance F
Regression	5	39525176.4288	7905035.29	2.5255	0.0670
Residual	18	56341184.7246	3130065.82
Total	23	95866361.1533
	Coefficients	Standard Error	t Stat	P-value	Lower 95%	Upper 95%
Intercept	55900.0503	31402.8248	1.7801	0.0919	-10074.8365	121874.9370
Pc	-288.8599	106.1300	-2.7218	0.0140	-511.8308	-65.8891
I	-3.6506	2.4439	-1.4938	0.1526	-8.7850	1.4838
Pj	-41.8764	70.3805	-0.5950	0.5593	-189.7403	105.9876
Ad	63.5638	47.9288	1.3262	0.2014	-37.1309	164.2586
Pb	310.3395	110.6152	2.8056	0.0117	77.9456	542.7334

Estimated Regression equation:

Qd = 55,900.0503 - 288.8599 x Pc - 3.6506 x I - 41.8764 x Pj + 63.5638 x Ad + 310.3395 x Pb