Please help with information asked on picture (Section 2 and 3). Included is the

Question

Please help with information asked on picture (Section 2 and 3). Included is the data set.

Year Per capita consumption (pounds) Per capita consumption (pounds) Per capita consumption (pounds) Nominal retail price (cents per lb. on a retail weight basis) Nominal retail price (cents per lb. on a retail weight basis) Nominal retail price (cents per lb. on a retail weight basis) Annual, seasonally adjusted per capita nominal disposable income (dollars) Annual, seasonally adjusted CPI-U (index, 1982-84 = 100) Beef Pork Broilers Beef Pork Broilers 1970 84.6 55.8 36.6 99.9 77.4 40.8 3713 38.842 1971 83.9 60.5 36.5 106.2 69.8 41.1 3998 40.483 1972 85.3 54.7 38.1 116.6 82.7 41.4 4287 41.808 1973 80.5 48.7 36.7 139.7 109.2 59.6 4747 44.425 1974 85.6 52.7 36.6 143.8 107.8 56.0 5134 49.317 1975 88.2 42.9 36.3 152.2 134.6 63.3 5645 53.825 1976 94.3 45.5 39.4 145.7 134.0 59.7 6079 56.933 1977 91.8 47.0 40.2 145.8 125.4 60.1 6612 60.617 1978 87.3 47.0 42.5 178.8 143.6 66.5 7321 65.242 1979 78.1 53.3 46.0 222.4 152.5 67.7 8037 72.583 1980 76.6 57.3 45.8 233.6 147.5 70.9 8860 82.383 1981 77.3 54.7 46.9 234.7 161.2 73.2 9785 90.933 1982 77.0 49.1 47.0 238.4 185.6 71.4 10441 96.533 1983 78.6 51.8 47.4 234.1 179.7 72.5 11169 99.583 1984 78.4 51.5 49.2 235.5 171.4 81.0 12283 103.933 1985 79.2 51.9 51.0 228.6 171.4 76.3 12991 107.600 1986 78.8 49.0 52.0 226.8 188.8 83.5 13660 109.692 1987 73.9 49.2 55.1 238.4 199.4 78.5 14273 113.617 1988 72.6 52.5 55.3 250.3 194.0 85.4 15385 118.275 1989 69.0 52.0 56.6 265.7 193.5 92.7 16379 123.942 1990 67.7 49.7 59.5 281.0 224.9 89.9 17234 130.658 1991 66.6 50.2 61.9 288.3 224.2 88.0 17688 136.167 1992 66.1 52.7 65.5 284.6 209.5 86.9 18683 140.308 1993 64.6 51.9 67.9 293.4 209.1 89.0 19210 144.475 1994 66.3 52.5 68.8 282.9 209.5 90.1 19905 148.225 1995 66.6 51.7 67.9 284.4 206.1 91.7 20753 152.383 1996 67.1 48.3 69.2 280.2 233.7 97.3 21614 156.858 1997 65.7 47.8 71.4 279.5 245.0 100.2 22526 160.525 1998 66.7 51.5 72.0 277.1 242.7 104.4 23759 163.008 1999 67.5 52.6 76.3 287.8 241.5 105.6 24616 166.583 2000 67.8 51.2 77.0 306.4 258.2 107.1 26205 172.192 2001 66.3 50.4 76.8 337.7 269.4 110.5 27179 177.042 2002 67.8 51.6 80.7 331.5 265.7 107.4 28126 179.867 2003 65.0 51.9 81.8 374.6 265.8 103.4 29200 184.000 2004 66.2 51.5 84.5 406.5 279.2 107.0 30699 188.908 2005 65.6 50.1 86.0 409.1 282.7 105.6 31762 195.267 2006 65.9 49.5 86.7 397.0 280.8 104.9 33591 201.558 2007 65.3 50.8 85.3 415.8 287.1 111.5 34828 207.344 2008 62.5 49.5 83.5 432.5 293.7 120.7 36105 215.254 2009 61.1 50.2 79.8 426.0 292.0 128.1 35618 214.565 2010 59.6 47.8 82.4 439.5 311.4 126.3 36274 218.076 2011 57.3 45.7 82.9 482.7 343.4 129.1 37811 224.923 2012 57.3 45.9 80.4 498.6 346.7 133.5 39454 229.586 2013 56.3 46.8 81.8 528.9 364.4 149.0 39156 232.949 2014 54.1 46.4 83.3 597.1 402.0 153.0 40837 236.704 2015 53.9 49.7 88.9 628.9 385.3 148.0 42094 236.987 2016 estimated* 55.4 49.9 89.6 620.0 378.0 142.0 43431 240.009 Section 2. variables and descriptive statistics. Describe the variables used in your analysis. The data set contains nominal prices and nominal disposable income, which are for inflation. One way for the effects of inflation is to convert nominal prices (income) into real prices by dividing the nominal price income) by the consumer price index (CP) for that year as a number. In so doing, the values are on a "constant ruler," namely in constant 1982-1984 dollars and cents. Constructs two graphs and describe in words the dynamics of real prices and real per capita income in the US during 1970-2016. IAttach the two graphs (one for the three prices and one for income) as one page each.] Provide descriptive statistics for each variable in the data set. Make comments and interpretations based on these descriptive statistics. Section 3.Estimation. Use OLS to estimate the lincar and power foras of the demand function for becf. Specification A: 0 2 park Specification B: Ingnd where Qu is per capita consumption of beef pounds), P is real retail price of beef (cents per lb. on aretail weight basis), P is real retail price of pork (cents per lb. on a retail weight basis), is real retail price of chicken (cents per lb. on a retail weight basis), 1 is real per capita disposable personal income (dollars), T is the year dummy (-1 for 1970, 2 for 1971, 3 for 1973, etc.). Attach the two Excel computer printouts as one page each.

Explanation / Answer

Data:

First regression results are as follows:

Second regression results are as follows:

Year Qbeef Pbeef Ppork Pchicken I T lnQbeef lnPbeef lnPpork lnPchicken lnI T 1970 84.6 99.9 77.4 40.8 3713 1 4.437934267 4.604169686 4.348986781 3.708682081 8 1 1971 83.9 106.2 69.8 41.1 3998 2 4.429625613 4.665324109 4.24563401 3.716008122 8 2 1972 85.3 116.6 82.7 41.4 4287 3 4.446174454 4.758749274 4.415219602 3.723280881 8 3 1973 80.5 139.7 109.2 59.6 4747 4 4.388257184 4.939497266 4.693181063 4.087655574 8 4 1974 85.6 143.8 107.8 56 5134 5 4.449685283 4.968423445 4.680277658 4.025351691 9 5 1975 88.2 152.2 134.6 63.3 5645 6 4.479606963 5.025195445 4.902307417 4.147885329 9 6 1976 94.3 145.7 134 59.7 6079 7 4.54648119 4.981549713 4.8978398 4.08933202 9 7 1977 91.8 145.8 125.4 60.1 6612 8 4.519612298 4.98223582 4.831508628 4.096009842 9 8 1978 87.3 178.8 143.6 66.5 7321 9 4.469350463 5.186267863 4.967031657 4.197201948 9 9 1979 78.1 222.4 152.5 67.7 8037 10 4.357990057 5.404477562 5.027164596 4.21508618 9 10 1980 76.6 233.6 147.5 70.9 8860 11 4.338597077 5.453610251 4.993828176 4.261270434 9 11 1981 77.3 234.7 161.2 73.2 9785 12 4.347693956 5.458308103 5.08264583 4.293195421 9 12 1982 77 238.4 185.6 71.4 10441 13 4.343805422 5.473949935 5.22359382 4.268297869 9 13 1983 78.6 234.1 179.7 72.5 11169 14 4.364371699 5.455748374 5.191288794 4.283586562 9 14 1984 78.4 235.5 171.4 81 12283 15 4.361823927 5.461710913 5.144000006 4.394449155 9 15 1985 79.2 228.6 171.4 76.3 12991 16 4.371976299 5.431973751 5.144000006 4.334672938 9 16 1986 78.8 226.8 188.8 83.5 13660 17 4.366912997 5.424068572 5.240688254 4.424846632 10 17 1987 73.9 238.4 199.4 78.5 14273 18 4.302712828 5.473949935 5.295312858 4.363098625 10 18 1988 72.6 250.3 194 85.4 15385 19 4.284964922 5.522660198 5.267858159 4.447346101 10 19 1989 69 265.7 193.5 92.7 16379 20 4.234106505 5.582367853 5.265277512 4.529368473 10 20 1990 67.7 281 224.9 89.9 17234 21 4.21508618 5.638354669 5.415655859 4.498697941 10 21 1991 66.6 288.3 224.2 88 17688 22 4.198704578 5.664001605 5.412538511 4.477336814 10 22 1992 66.1 284.6 209.5 86.9 18683 23 4.191168747 5.651084686 5.344723739 4.464758032 10 23 1993 64.6 293.4 209.1 89 19210 24 4.168214411 5.681536866 5.342812606 4.48863637 10 24 1994 66.3 282.9 209.5 90.1 19905 25 4.194189897 5.645093478 5.344723739 4.500920165 10 25 1995 66.6 284.4 206.1 91.7 20753 26 4.198704578 5.650381698 5.328361488 4.518522379 10 26 1996 67.1 280.2 233.7 97.3 21614 27 4.206184044 5.635503634 5.454038242 4.577798989 10 27 1997 65.7 279.5 245 100.2 22526 28 4.185098925 5.633002293 5.501258211 4.607168189 10 28 1998 66.7 277.1 242.7 104.4 23759 29 4.200204953 5.624378452 5.491826113 4.648229675 10 29 1999 67.5 287.8 241.5 105.6 24616 30 4.212127598 5.662265794 5.486869473 4.659658371 10 30 2000 67.8 306.4 258.2 107.1 26205 31 4.216562195 5.724891438 5.553734478 4.673762977 10 31 2001 66.3 337.7 269.4 110.5 27179 32 4.194189897 5.822157927 5.596197264 4.705015521 10 32 2002 67.8 331.5 265.7 107.4 28126 33 4.216562195 5.80362781 5.582367853 4.676560182 10 33 2003 65 374.6 265.8 103.4 29200 34 4.17438727 5.92585879 5.582744146 4.638604962 10 34 2004 66.2 406.5 279.2 107 30699 35 4.192680463 6.007583929 5.631928371 4.672828834 10 35 2005 65.6 409.1 282.7 105.6 31762 36 4.183575696 6.013959625 5.644386265 4.659658371 10 36 2006 65.9 397 280.8 104.9 33591 37 4.188138442 5.983936281 5.637642672 4.653007515 10 37 2007 65.3 415.8 287.1 111.5 34828 38 4.178992036 6.030204375 5.659830587 4.714024591 10 38 2008 62.5 432.5 293.7 120.7 36105 39 4.135166557 6.069582326 5.682558838 4.793308128 10 39 2009 61.1 426 292 128.1 35618 40 4.112511866 6.054439346 5.676753802 4.852811209 10 40 2010 59.6 439.5 311.4 126.3 36274 41 4.087655574 6.085637717 5.741078259 4.838660029 10 41 2011 57.3 482.7 343.4 129.1 37811 42 4.048300624 6.179395343 5.838895948 4.860587298 11 42 2012 57.3 498.6 346.7 133.5 39454 43 4.048300624 6.211804171 5.848459853 4.894101478 11 43 2013 56.3 528.9 364.4 149 39156 44 4.030694535 6.270799378 5.898252165 5.003946306 11 44 2014 54.1 597.1 402 153 40837 45 3.990834186 6.392084604 5.996452089 5.030437921 11 45 2015 53.9 628.9 385.3 148 42094 46 3.987130478 6.443972262 5.954022252 4.997212274 11 46 2016 estimated* 55.4 620 378 142 43431 47 4.014579594 6.429719478 5.934894196 4.955827058 11 47

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