demand regression project

Project Description:

demand regression project
econ 4570
data: elecdemanddata.xls under demand project data on d2l
1. using the data file above, run a linear regression of
dependent variable: milkwh
explanatory variables: pop, pkwh, pgas, income.
which coefficients (including the constant) are statistically significant at the 10% level or better?
which are not significant?
how much of the variation in the dependent variable is explained by the estimated equation?
is the equation as a whole statistically significant? at what level?
2. run another regression like that in 1 above, but leave out the explanatory variables that were
not significant at the 10% level or better.
are any coefficients not significant at the 10% level?
how did the r-squared change from the regression in 1?
how did the f statistic and its significance level change?
in regression #2, are the signs (+ or -) of the estimated coefficients consistent with economic
theory? explain. (hint: is the demand curve downward sloping? are the related goods
complements or substitutes? does an increase in population increase demand?)
for regression #2, what are the inverse demand equation and the marginal revenue equation
derived from the estimated demand equation? write these out using numbers calculated from
your regression output and the means of the variables listed below.
attach copies of your regression output for 1 and 2 along with your answers.
show your work on all calculations.
you may cooperate or work in groups to run the regressions. groups may turn in one completed
task identifying all students in the group. the regressions may be run in excel or the
statistical package of your choice (minitab, etc.).
means of regression variables
milkwh 25,364
pop 5,756,577
pkwh 9.0
pgas 11.40
income 32,345
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