a. Using the data in Table for the Sherwin-Williams Company, estimate a multiplicative exponential demand model (see Equation) for paint sales. Q = A1 P2M3

a. Using the data in Table for the Sherwin-Williams Company, estimate a multiplicative exponential demand model (see Equation) for paint sales.

Q = αAβ1 Pβ2Mβ3

b. Compare the results in part (a) (i.e., parameter estimates, standard errors, statistical significance) with the linear model developed in thechapter.

SHERWIN-WILLIAMS COMPANY DATA DISPOSABLE SALES (Y) (x 1,000 GALLONS) PROMOTIONAL EXPENDITURES SELLING PRICE INCOME (M) SALES REGION 160 220 140 190 130 160 200 150 210 190 (A) (x$1,000) 150 160 50 190 90 (P) (S/GALLON) 15.00 13.50 16.50 14.50 17.00 16.00 13.00 18.00 12.00 15.50 (x $1,000) 19.0 175 14.0 21.0 15.5 14.5 21.5 18.0 18.5 140 110 200 100 10