( HOW CAN THIS BE REWRITTEN BUT WITH THE SAME INFORMATION )

The ribeye steaks are known to be one of the best cuts of beef. Ribeye steaks are known to be tender, juicy and full of flavor. However, as prices rise the demand for ribeye steaks can decrease. From the data the ribeye has an own price elasticity of -1.824. There is a 18% decrease in demand in the Ribeye steak however due to the own price elasticity increase is an indication for the cause. The Ribeye price t-stat of -5.784 is less than the critical t-value of 2.021. At a 95% confidence level, this shows that the estimated coefficient is not statistically significant. In contrast to PorterHouse steaks, there were not statistically significant serial correlations in the residuals of its ordinary least squares estimations. According to the cross-price elasticity of 1.136, we see that Ribeye steaks and chicken are in fact substitute goods. The income elasticity of Ribeye steaks is negative at $4.96 which indicates the beef cut is an inferior good. With the income elasticity of Ribeye steaks being negative, the estimated coefficient of disposable income is not statistically significant. The t-stat of disposable income (-2.321) does not exceed the critical t-value of 2.021, and the P-value (0.0243) does not exceed the 0.5 level of significance. The R-squared is 0.4775 which means that this model explains 47.75% of Qs variation. Additionally, the model has a statistically significant F value of 11.4239, exceeding the 5% significance level. The trend variable of this model was also statistically significant as it does exceed the critical t-value. Similar to the instance with PorterHouse steaks, when consumers have more disposable income, they are more willing to purchase more expensive cuts of beef. When the price of Ribeye Steak rises, consumers are more likely to demand larger quantities of chicken.