08 Jun Question . A fast food restaurant sells ha
Question
. A fast food restaurant sells hamburger meal package–referred to as “Combination 1″ on its menus. The table below shows the quantity of hamburgers (QD) sold, the price (P) per unit and the dollar amount spent on newspaper ads (ADV) each week during the first 26 weeks of 2015.
Weekly Sales Data for Combination 1 Meals
QD
P
ADV
51,345
2.78
4,280
50,337
2.35
3,875
52,000
3.22
12,360
118,117
1.85
19,250
48,024
2.65
6,450
48,500
2.95
8,750
75,751
2.86
9,600
78,797
2.40
9,600
59,856
3.45
9,600
23,696
3.25
6,250
61,385
3.21
4,780
63,750
3.02
6,770
60,996
3.16
6,325
84,276
2.95
9,655
90,000
2.65
10,450
58,131
3.24
9,750
55,398
3.55
11,500
69,943
3.75
8,975
79,785
3.85
8,975
38,892
3.76
6,755
43,240
3.65
5,500
52,078
3.58
4,365
11,321
3.78
9,525
73,113
3.75
18,600
79,988
3.22
14,450
98,311
3.42
15,500
a. Using the data provided in the table, run a regression to estimate the linear demand equation for the restaurants hamburger Combo 1 meals. (5 pts)
QD = a – bP + cADV
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