Consider the following estimated demand function for chicken for a household in

Question

Consider the following estimated demand function for chicken for a household in Fullerton, California over a period of 25 months. Q, = 56.09 - 0.19P, + 0.03 P SE=(29.18) (-0.07) (0.019) =0.81 and =0.805 Number of observations = 25 Here, Q_t is the quantity demanded for chicken (in pound), P, is the price of beef (in $), P, p is the price of pork (in $). (a) Interpret the values of R -square and R -square adjusted. (b) Calculate/statistics for all the estimated coefficients of this regression model.®?) (c) Determine whether the estimated coefficients are statistically significant at the 1% or 5% or 10% level of significance.

Explanation / Answer

a. 3

b.2

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