Suppose the Kalamazoo Brewing Company (KBC) currently sells its microbrews in a seven-state area: Illinoise, Indiana, Michigan, Minnesota, Mississippi, Ohio, and Wisconsin. The company's marketing department has collected data from its distributers in each state. This data consists of the quantity and price (per case) of microbrews sold in each state, as well as the average income (in thousands of dollars) of consumers living in various regions of each state. The data for each state are available via the link below--please note there are multiple tabs at the bottom of the spreadsheet, each refers to one of the seven states selling the Kalamazoo Brewing Company’s microbrews.
Excel Data File
Quantity Price Income
575 31.26 33.95
674 30.69 35.51
616 31.54 28.78
183 27.41 30.44
501 29.75 31.28
578 29.48 33.77
590 28.94 38.31
445 28.17 34.01
603 28.58 32.53
713 28.57 31.69
337 30.06 32.26
230 29.36 31.57
403 28.81 32.75
383 32.52 29.48
568 32.02 35.91
698 32.91 34.85
826 28.45 34.06
789 26.85 38.92
645 30.49 35.94
601 31.72 38.05
467 31.23 36.48
429 31.28 37.61
552 28.89 38.29
553 31.13 36.9
562 27.52 39.22
352 30.02 34.21
611 31.38 33.97
346 29.08 38.53
354 28.8 34.4
401 27.64 34.01
253 30.47 34.24
524 30.97 38.29
211 32.85 34.66
666 30.11 41.38
468 29.48 32.14
585 28.41 29.16
578 29.96 35.05
656 30.46 37.11
571 32.86 32.94
454 28.49 32.7
510 30.67 33.14
672 31.92 33.73
499 28.44 41.92
560 27.94 35.06
848 29.74 32.71
617 29.54 37.96
530 31.34 37.38
649 30.08 35.55
824 29.13 42.89
626 31.72 37.17
Assuming that the underlying demand relation is a linear function of price and income, use your spreadsheet program to obtain least squares estimates of Ohio’s demand for KBC microbrews. Instruction:
If the estimate is negative, enter a negative number (-) in the equation.

Question

05-04-2021
Business

Answered

Westonci.ca makes finding answers easy, with a community of experts ready to provide you with the information you seek. Join our platform to get reliable answers to your questions from a knowledgeable community of experts. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

Suppose the Kalamazoo Brewing Company (KBC) currently sells its microbrews in a seven-state area: Illinoise, Indiana, Michigan, Minnesota, Mississippi, Ohio, and Wisconsin. The company's marketing department has collected data from its distributers in each state. This data consists of the quantity and price (per case) of microbrews sold in each state, as well as the average income (in thousands of dollars) of consumers living in various regions of each state. The data for each state are available via the link below--please note there are multiple tabs at the bottom of the spreadsheet, each refers to one of the seven states selling the Kalamazoo Brewing Company’s microbrews.
Excel Data File
Quantity Price Income
575 31.26 33.95
674 30.69 35.51
616 31.54 28.78
183 27.41 30.44
501 29.75 31.28
578 29.48 33.77
590 28.94 38.31
445 28.17 34.01
603 28.58 32.53
713 28.57 31.69
337 30.06 32.26
230 29.36 31.57
403 28.81 32.75
383 32.52 29.48
568 32.02 35.91
698 32.91 34.85
826 28.45 34.06
789 26.85 38.92
645 30.49 35.94
601 31.72 38.05
467 31.23 36.48
429 31.28 37.61
552 28.89 38.29
553 31.13 36.9
562 27.52 39.22
352 30.02 34.21
611 31.38 33.97
346 29.08 38.53
354 28.8 34.4
401 27.64 34.01
253 30.47 34.24
524 30.97 38.29
211 32.85 34.66
666 30.11 41.38
468 29.48 32.14
585 28.41 29.16
578 29.96 35.05
656 30.46 37.11
571 32.86 32.94
454 28.49 32.7
510 30.67 33.14
672 31.92 33.73
499 28.44 41.92
560 27.94 35.06
848 29.74 32.71
617 29.54 37.96
530 31.34 37.38
649 30.08 35.55
824 29.13 42.89
626 31.72 37.17
Assuming that the underlying demand relation is a linear function of price and income, use your spreadsheet program to obtain least squares estimates of Ohio’s demand for KBC microbrews. Instruction:
If the estimate is negative, enter a negative number (-) in the equation.

Sagot :

Thank you for your visit. We are dedicated to helping you find the information you need, whenever you need it. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.

During an air-conditioning system performance test, what should the engine rpm be raised to?A. 1,200-2,000 rpmB. 2,000-2,500 rpmC. 2,300-2,800 rpmD. 500-750 rpm

Which of the following statements is not correct?A. Mitosis involves a series of two divisions.B. Meiosis produces cells that contain 23 chromosomes.C. Mitosis

As presented in the lesson, there are three core functions of Public Health in the United States. Match the following functions with the correct description:1.

Read the following excerpt from the Declaration of Independence:"But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a

\begin{tabular}{|l|l|}\hline 12 & 2,110 \\\hline 18 & 1,500 \\\hline 24 & 870 \\\hline 30 & 220 \\\hline\end{tabular}She calculates two regressi

Select the correct answer.Choose the statement(s) that highlight the difference between social movements and other forms of collective behaviors such as fads an

Supertasters are more likely to avoid eating healthy vegetables. a. True b. False

Directions: The words in each group below are related. Using all the words in the group, write a sentence that shows how the words are related.Example: compound

Select the correct answer.What is the range of the function [tex]f(x) = 4x + 9[/tex], given the domain [tex]D = \{-4, -2, 0, 2\}[/tex]?A. [tex]R = \{-7, -1, 9,

The general form of the equation of a circle that has the same radius as the above circle is x^2 + y^2 + 60x + 14y + 98 = 0 .

amcool amcool · Answer 1 · 2021-04-08T12:28:44-04:00

Answer:

The least squares estimates of Ohio’s demand for KBC microbrews is Quantity = 1.57Price + 14.00Income.

Explanation:

Note: See Sheet1 of the attached excel for the replication of the data given in the question and Sheet2 for the regression analysis output.

In the third table in the Sheet2, the second column is for the coefficients where, by rounding to 2 decimal places, we have:

Price = 1.57

Income = 14.00

Note: The intercept is 0 because a zero intercept was chosen in the analysi.

Based on the above, the least squares estimates of Ohio’s demand for KBC microbrews can be written as follows:

Quantity = 1.57Price + 14.00Income

To run the regression from Sheet1 in order to obtain the output in Sheet, follow his process:

Click the “Data” menu, and then the “Data Analysis” tab. From the new window, scroll down to find and click on "Regression" and then click “OK”.

In the new window, click in the box of “Input Y Range”, and then select the column containing the Quantity data as the dependent variable. Also in the new window, click in the box of “Input X Range”, and then select the column containing the both Price and Income data as the independent variables. Also, select "Labels", "Confidence level (95%)", and "Constant is Zero". Then click "OK" to obtain the output in Sheet2.

Sagot :

Other Questions