F = average pounds of fish consumed per capita in year t PF = price index for
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Question:
F = average pounds of fish consumed per capita in year t
PF = price index for fish in year t
PB = price index for beef in year t
YD = real per capita disposable income in year t (in billions of dollars)
N = the number of Catholics in the U.S. in year t – we won’t be using this variable today
Year. F. PF. PB. YD N
1946.00 12.80 56.00 50.10 24402.00 1606.00
1947.00 12.30 64.30 71.30 25268.00 1513.00
1948.00 13.10 74.10 81.00 26076.00 1567.00
1949.00 12.90 74.50 76.20 26718.00 1547.00
1950.00 13.80 73.10 80.30 27766.00 1646.00
1951.00 13.20 83.40 91.00 28635.00 1657.00
- Run the regressions:
- Price of Fish = β0 + β1 Price of Beef + β2 Disposable Income + β3Quantity of fish
- Price of Fish = β0 + β1 Price of Beef + β2 Disposable Income + β3Quantity of fish + β4DUMMY
- The original paper took the natural log of all the variables. You can create new variables by taking the natural log of those variables. Go to TRANSFORM, Compute variable, where it says TARGET VARIABLE – choose a name for your new variable (must be 8 characters or less), then type in LN( put the variable name here).
- Now run the regressions:
- Ln(Price of Fish) = β0 + β1 ln(Price of Beef) + β2 ln(Disposable Income) + β3ln(Quantity of fish)
- Ln(Price of Fish) = β0 + β1 ln(Price of Beef) + β2 ln(Disposable Income) + β3ln(Quantity of fish) + β4DUMMY
- Were you able to see the impact of the Pope’s decision on fish?
Related Book For
Fundamentals Of Thermodynamics
ISBN: 9781118131992
8th Edition
Authors: Claus Borgnakke, Richard E. Sonntag
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