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Need help for economic subject
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TOPIC: Need help for economic subject

Need help for economic subject 5 years, 1 month ago #638

I have a case study on regression analysis due in 2 days. I'm taking this course online so it is difficult to comprehend the information the professor is giving. The information below is the criteria we are supposed to use as well as the questions we are to answer.



Soft Drinks Case Study

Soft drink consumption in cans per capita per year is related to six-pack price, income per capita, and mean temperature across the 48 contiguous states in the United States.

Questions:



1. Estimate the demand for soft drinks using the data provided below.



2.Interpret the coefficients and calculate the price elasticity of soft drink demand at the mean.



3.Omit price from the regression equation. Describe the signs of the estimated coefficients and the statistical significance of the coefficients.



4.Now omit both price and temperature from the regression equation. Should a marketing plan for soft drinks be designed that relocates most canned drink machines into low-income neighborhoods? Why or why not? Justify your answer.



TABLE 1. SOFT DRINK DEMAND DATA

State Cans/Capita/Yr 6-Pack Price ($) Income/Capita ($1,000) Mean Temp. (F)

Alabama 200 2.19 11.7 66

Arizona 150 1.99 15.3 62

Arkansas 237 1.93 9.9 63

California 135 2.59 22.5 56

Colorado 121 2.29 17.1 52

Connecticut118 2.49 24.3 50

Delaware 217 1.99 25.2 52

Florida 242 2.29 16.2 72

Georgia 295 1.89 12.6 64

Idaho 85 2.39 14.4 46

Illinois 114 2.35 21.6 52

Indiana 184 2.19 18 52

Iowa 104 2.21 14.4 50

Kansas 143 2.17 15.3 56

Kentucky 230 2.05 11.7 56

Louisiana 269 1.97 13.5 69

Maine 111 2.19 14.4 41

Maryland 217 2.11 18.9 54

Mass. 114 2.29 19.8 47

Michigan 108 2.25 18.9 47

Minnesota 108 2.31 16.2 41

Mississippi 248 1.98 9 65

Missouri 203 1.94 17.1 57

Montana 77 2.31 17.1 44

Nebraska 97 2.28 14.4 49

Nevada 166 2.19 21.6 48

New Hamp 177 2.27 16.2 35

New Jersey143 2.31 21.6 54

New Mexico157 2.17 13.5 56

New York 111 2.43 22.5 48

North Caro 330 1.89 11.7 59

North Dak 63 2.33 12.6 39

Ohio 165 2.21 19.8 51

Oklahoma 184 2.19 14.4 82

Oregon 68 2.25 17.1 51

Pennsyl 121 2.31 18 50

Rhode Isl 138 2.23 18 50

South Car 237 1.93 10.8 65

South Dak 95 2.34 11.7 45

Tennessee 236 2.19 11.7 60

Texas 222 2.08 15.3 69

Utah 100 2.37 14.4 50

Vermont 64 2.36 14.4 44

Virginia 270 2.04 14.4 58

Washington77 2.19 18 49

West Vir 144 2.11 13.5 55

Wisconsin 97 2.38 17.1 46

Wyoming 102 2.31 17.1 46

Re: Need help for economic subject 5 years, 1 month ago #640

  • Tarunkool
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Hi Zett
I think mainly you need is correlation and regression equations from the above data.

Download this www.mbaskool.com/docs/doc_details/1164-c...-and-regression.html and you can even search the net for the same. its a very common topic. Just study the topic and then use it on the data above.
Tarun Kool
Passionate about Arsenal
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