= 5. You are analyzing the demand for chicken = f( Price chicken, Priceveel, Disposable Income) Y = Be + B1 Pchicken + B2 Pbeef + B3 YD + Y = Bo + B1 Pchicken + B3 YD + & If omit Pheel Table 1 The Demand for Chicken Dependent variable: per capita chicken consumption Unstandardized betas Regression 1 Regression 2 Constant 24.3 30.1 Price chicken -0.12 -0.04 Price beef 0.03 Disposable Income 0.27 0.38 R2 .99 .98 a. Is the price of beef an irrelevant variable? Test (using the four selection criteria) as to whether price of beef should be included in the model. b. If you think that beef should be included in the model and you cannot obtain the price of beef, what variable will you be looking for? Describe the process you would use to find a proxy. = 5. You are analyzing the demand for chicken = f( Price chicken, Priceveel, Disposable Income) Y = Be + B1 Pchicken + B2 Pbeef + B3 YD + Y = Bo + B1 Pchicken + B3 YD + & If omit Pheel Table 1 The Demand for Chicken Dependent variable: per capita chicken consumption Unstandardized betas Regression 1 Regression 2 Constant 24.3 30.1 Price chicken -0.12 -0.04 Price beef 0.03 Disposable Income 0.27 0.38 R2 .99 .98 a. Is the price of beef an irrelevant variable? Test (using the four selection criteria) as to whether price of beef should be included in the model. b. If you think that beef should be included in the model and you cannot obtain the price of beef, what variable will you be looking for? Describe the process you would use to find a proxy