Solution Library

Calculate Demand Using Data Of Consumption

Question

Consider the following data for a cross section of individuals in the population, in which:

Q = Quantity (in 100s) purchased in a year

P = Average price of aspirin in that year

M = Annual income (in $1000s)

A = Age of buyer

Calculate Regression using Regression Analysis Program in Excel

obs

Q

P

M

A

1

1

1.5

20

25

2

2

1.5

40

20

3

4

1

12

25

4

2

1

10

30

5

2

1

8

30

6

3

2

30

35

7

3.5

1.5

30

40

8

4

2

20

40

9

7

1

20

45

10

1

3

15

40

11

2

2

18

30

12

3

2

20

32

13

3.5

2

15

36

14

4

2

10

30

15

2

3

25

20

16

1

4

15

25

17

8

2

15

55

18

9

1

40

50

19

1

4

10

45

20

10

1.5

30

55

21

6

1.5

35

60

22

2

1

30

40

23

3

1

25

40

24

3

2

20

35

25

3

2

15

35

26

4

3

20

35

27

1

4

20

25

28

1

4

25

30

29

2

5

28

30

30

3

1

30

32

Suppose income (M) is $20, the price of aspirin (P) is $2, and the average age of the population (A) is 35. What is the estimated demand for aspirin?

Summary

The question belongs to Statistics and it is about calculating the demand for aspirin using the above table.

Total Word Count 35

 

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Comments

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