Beer Data Consumption pricesy16 oz Average Annual Income Consumption (gallon per

Question

Beer Data Consumption pricesy16 oz Average Annual Income Consumption (gallon per capita) 44,938 1996 22.51 0.84 47,123 1997 22.37 0.84 49,692 1998 22.52 0.86 51,855 1999 22.72 0.92 57,135 2001 22.87 58,208 2003 0.99 57,852 2004 1.01 59,067 2005 22.93 1.07 60,466 63,344 2007 1.11 66,570 2008 23.07 1.2 67,609 22.98 68,424 2009 1.21 67.9 76 2013 22.50 1.26 68,258 1.37 24.16 69,892 70,127 70,276 71,237 A. Calculate the multiple regression equation of Bo Bux B2X2 where Consumption Bo B1Pricei B2Incomei t

Explanation / Answer

The whole summary of regression is as given below:

SUMMARY OUTPUT Regression Statistics Multiple R 0.807796348 R Square 0.65253494 Adjusted R Square 0.615959671 Standard Error 0.459628933 Observations 22 ANOVA df SS MS F Significance F Regression 2 7.538083627 3.769041814 17.84087854 4.35167E-05 Residual 19 4.013916373 0.211258756 Total 21 11.552 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 21.11798926 0.519401587 40.65830717 6.1132E-20 20.03086924 22.20510927 20.03086924 22.20510927 Prices 2.290644746 0.445946814 5.136587311 5.86518E-05 1.357267337 3.224022154 1.357267337 3.224022154 Average Annual income -1.32212E-05 1.12759E-05 -1.172517895 0.255481092 -3.68219E-05 1.03795E-05 -3.68219E-05 1.03795E-05

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