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discuss the statistical significance of the independent variables; make forecasts, build confidence intervals – My Blog

Y‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍our group will estimate and analyze the demand for beef. **Only write the introduction with goals and objectives for the demand for beef** The data set includes information on the quantities consumed of this good (a proxy for the quantities demanded for this good), the price per unit of this good, the price per unit of at least one related good in consumption (substitute or complementary good), and a proxy for consumer income. I am attaching to this email the raw data you will use in this study. Please create an excel spreadsheet with this data. You will use excel to run a linear regression using this data. We don’t know what the real demand is for this good but we can use linear regression analysis to obtain a linear approximation of it. In other words, if the unknown demand for this good is QD = F (P; PR, M) Where QD is the quantity demanded for this good, P is the price per unit, PR is the price of the related good(s) in consumption (substitute or complement) and M is consumer income. A linear approximation of this d‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍emand equation looks like QD = a + b P + c PR + d M You will use the data provided and excel to estimate the unknown parameters a, b, c, and d. Then, you will use these parameter estimates, and concepts learnt in chapters 3, 4 and 5 to analyze the regression results and produce useful information for decision making and provide recommendations to the suppliers of this good. Among other things, you will report the estimated “extended” and “reduced” equations of demand; draw the demand line; calculate and interpret the elasticities of demand; interpret the values of parameter estimates; discuss the statistical significance of the independent variables; make forecasts, build confidence intervals, etc. The final report will have the following basic format: 1. Executive summary 2. Introduction with goals and objectives. 3. Analytical and Empirical Frameworks 4. Results and Discussion 5. Conclusions and reco‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍mmendations

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