Given the weekly price and quantity (Q and P) data for Cool Stuff ice cream over the past 12 weeks and the price of another ice-cream flavor (Po) as:

Q848285838284878182798278

P8.509.008.759.259.509.258.2510.0010.0010.509.5010.25

Po5.256.006.006.506.256.255.257.007.257.256.757.25

a. Use excel regression to estimate the weekly demand for Cool Stuff ice-cream (attach the

output of the regression estimate (Hint: Use regression in excel to find the estimated demand

function: Enter the data in excel, click on Data Analysis, and use the regression command).

b. Are the coefficients on the two prices statistically significantly different from zero at the 5%

significance level? How do you know?

c. What the R²?d. Explain what R²means.