Demand can be estimated with experimental data timeseries da

Demand can be estimated with experimental data, time-series data, or cross-section data. In this case, cross-section data appear in the Excel file. Soft drink consumption in cans per capita per year is related to six-pack price, income per capita, and mean temperature across the 48 contiguous states in the United States.

D)How many cans/capita/year on soft drink should be for a state in which 6-pack price=$1.95, Income/Capita=$23,500, and Mean Temp= 68°F?

E) Now omit the price and temperature from the regression equation. Should a marketing plan for soft drinks be designed that relocates most canned drink machines into low-income neighborhoods? Why or why not?

TABLE 1. SOFT DRINK DEMAND DATA 6-Pack Price (3)Income/Capita (51,000 Cans/CapitaYr 200 Alabama 11.7 15.3 2.19 Arkansas alidornia Colorade 237 1.93 2.59 17.1 24.3 25.2 16.2 12.6 14.4 21.6 ecticut 2.49 1.99 Delaware 217 1.89 2.39 2.35 2.19 2.21 2.17 2.05 295 Kentucky 230 269 11.7 ouisiana Maine 2.19 217 114 108 108 248 14.4 18.9 19.8 18.9 16.2 Massachusetts ichigan Minnesota 2.25 2.31 1.98 1.94 2.31 2.28 2.19 Nebraska 14.4 21.6 16.2 21.6 13.5 166 48 New Hampshire New Jersey New Mexico New York North Carolina 143 2.31 2.17 157 330 165 48 1.89 11.7 12.6 19.8 Dakota 2.21 2.19 17.1 Rhode Island 138 Carolina 10.8 11.7 South Dakota 15.3 Utah Vermont 144 nia 270 Washington 2.19 13.5 Wisconsin 2.38 omin

Solution

D)

Y = -240.40 X1 + 1.269 X2 + 2.915 X3 +511.34

Y = -240.40*1.95   + 1.269*23500   + 2.915*68 + 511.34

Y = 30062.28

e)

I can gladly help you but you should post it in a new question