05 May According To The Theory, You Know That The Quantity Of Demand For The Chicken, Qt, Will Be Affected By The Price Of The Chicken …
According to the theory, you know that the quantity of demand for the chicken, Qt, will be affected by the price of the chicken itself, PCt, the price of the close substitute good, i.e. beef, PBt, and average annual personal income, YDt. Where Qt = per capita chicken consumption (in pounds) in year t PCt = the price of chicken (in cents per pound) in year t PBt = the price of beef (in cents per pound) in year t YDt = U.S. per capita disposable income (in hundreds of dollars) in year t
1. Report your results of the estimated regression in the form of an equation. Write your results listing the standard errors in parentheses under the numerical estimates of each estimator.
2. What is the estimated value of b2 and what is the economic meaning of this value?
3. What is the predicted value of the average quantity demanded for chicken with the mean value of each of the independent variables?
4. Test the hypothesis at the 5% significance level that an additional cent increase in chicken price, PC, increase chicken demand by less than 0.5 pounds per capita. Be sure to state: the null and alternative hypothesis, the critical value of the test statistic, degree of freedom, the computed value of the test statistic, and your conclusion.
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