Question: 6 For this problem we will use the Kmenta food market data file in the systemfit library. Demand : consumption = 1 + 2price +

For this problem we will use the Kmenta food market data file in the systemfit library. Demand : consumption = 1 + 2price + 3income (1) Supply : consumption = 1 + 2price + 3farmPrice (2) Using 2SLS estimate 2 using income and farmPrice as instruments. Use the systemfit library.

(a) 0.2373 (b) 0.4115 (c) 0.4205 (d) 0.3617

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