To study the per capita consumption of chicken in the united states, you are giv

Question

To study the per capita consumption of chicken in the united states, you are given the data on the following variables Y: per capital consumption of chickens in pounds X1 disposable in per capital in pounds X2: retail price of chicken per pound, in cents X3: retail price of pork per pound, in cents X4: retail price of beef per pound, in cents From microeconomic theory. it is known that the demand for a commodity generally depends on the income of the consumer, the price of the commodity, and the prices of substitute or complementary commodities. In view of these considerations, a multiple regression model is estimated and the following table shows the results. Find all statistically significant variables at the significance level of 5%. intercept, disposable income, price of chicken, and price of pork Intercept, price of chicken, and price of pork intercept and price of chicken all coefficients intercept, disposable income, and price of chicken

Explanation / Answer

Test statistic t,

For Intercept = bo / Sbo = 261.24 / 124.4 = 2.1 , P-value = 0.1706

for Disposable income is = b1 / Sb1 = -85.95 / 57.3 = -1.5 , P-value = 0.2724

For Price of Chicken = b2 / Sb2 = -32.24 / 12.4 = -1.1 , P-value = 0.3860

For Price of Pork = b3 / Sb3 = 52.29 / 24.9 = 2.1 , P-value = 0.1706

For Price of beer = b4 / Sb4 = 41.52 / 34.6 = 1.2 , P-value = 0.3533

Answer : All Coefficients

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