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Demand can be estimated with experimental data, time-series

Customer Question

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.
1. Given the data, please construct a multiple linear regression program by MS Excel.
2. Interpret each coefficient of independent variable in the soft drink demand estimated function in question 1.
3. Given your answer in question 1, please comment on whether the regression estimated function is a good fit or not. What is the interpretation of coefficient of determination (R-square)? May we use the estimated function to predict for the future demand? Explain why.
4. How many cans/capita/year on soft drink should be for a state in which 6-pack price=$1.95, Income/Capita=$23,500, and Mean Temp= 68°F?
5. Now omit the price and temperature from the regression equation. Should a marketing plan for soft drinks be designed that relocates most canned drink machines into low-income neighborhoods? Why or why not?
Submitted: 1 year ago.
Category: Single Problem
Customer: replied 1 year ago.
TABLE 1. SOFT DRINK DEMAND DATA
State Cans/Capita/Yr 6-Pack Price ($) Income/Capita ($1,000) Mean Temp. (F)
Alabama 200 2.19 11.7 66
Arizona 150 1.99 15.3 62
Arkansas 237 1.93 9.9 63
California 135 2.59 22.5 56
Colorado 121 2.29 17.1 52
Connecticut 118 2.49 24.3 50
Delaware 217 1.99 25.2 52
Florida 242 2.29 16.2 72
Georgia 295 1.89 12.6 64
Idaho 85 2.39 14.4 46
Illinois 114 2.35 21.6 52
Indiana 184 2.19 18 52
Iowa 104 2.21 14.4 50
Kansas 143 2.17 15.3 56
Kentucky 230 2.05 11.7 56
Louisiana 269 1.97 13.5 69
Maine 111 2.19 14.4 41
Maryland 217 2.11 18.9 54
Massachusetts 114 2.29 19.8 47
Michigan 108 2.25 18.9 47
Minnesota 108 2.31 16.2 41
Mississippi 248 1.98 9 65
Missouri 203 1.94 17.1 57
Montana 77 2.31 17.1 44
Nebraska 97 2.28 14.4 49
Nevada 166 2.19 21.6 48
New Hampshire 177 2.27 16.2 35
New Jersey 143 2.31 21.6 54
New Mexico 157 2.17 13.5 56
New York 111 2.43 22.5 48
North Carolina 330 1.89 11.7 59
North Dakota 63 2.33 12.6 39
Ohio 165 2.21 19.8 51
Oklahoma 184 2.19 14.4 82
Oregon 68 2.25 17.1 51
Pennsylvania 121 2.31 18 50
Rhode Island 138 2.23 18 50
South Carolina 237 1.93 10.8 65
South Dakota 95 2.34 11.7 45
Tennessee 236 2.19 11.7 60
Texas 222 2.08 15.3 69
Utah 100 2.37 14.4 50
Vermont 64 2.36 14.4 44
Virginia 270 2.04 14.4 58
Washington 77 2.19 18 49
West Virginia 144 2.11 13.5 55
Wisconsin 97 2.38 17.1 46
Wyoming 102 2.31 17.1 46
Customer: replied 1 year ago.
hey I add data of the problem
Customer: replied 1 year ago.
hey, how long it/ll take ?
Customer: replied 1 year ago.
I am running out of time, If you have no answer yet, I have to go to other place to look for the answers,
Customer: replied 1 year ago.
over an hour since I've send my question , where are you ?
Customer: replied 1 year ago.
hey I am out of time
Customer: replied 1 year ago.
Hey, I do not need your help, due to I've solved it by myself, thank you , I assume you do not going to charge any fees , thank you
Expert:  F. Naz replied 1 year ago.

Can provide the answer in next 24 hours.

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