Intermediate Microeconomics Excel Project 1: Demand Estimation. In Lecture 2 we discussed demand and its importance in business decision-making. With this exercise, you will use Excel to estimate a demand curve using SKU data on 24-packs of coke products from 36 different retail stores across the country. The ability to conduct such analysis and use the statistical results is a very valuable (and marketable} skill for economists to possess. The data includes the quantity of 24-packs of coke products sold (product x} in a given period of time, the average price per coke pack, the average price of a 24-pack of Pepsi products (product y), average personal income in each market area, and the market size (population) of each market area. With this in mind, we will use Excel to estimate Demand. You will find the material in Chapter 3, pp. 84-94 helpful for doing this exercise. Open the Excel spreadsheet called \"Demand Curve Functionxls\". 1. The first spreadsheet is called \"Marshall.\" The data is in columns AB through F. In columns H ,I, J, and K, use Excel to calculate the natural log (LN) values of qx, px, py, and I. 2. Run the following regression in Excel (you may need to add in the \"Data Analysis Pak\" - see me and I'll help you get started: 1110410 = Cnstt + Bx*1H(PX) + WNW} + ENDUJ Place the output starting in cell M2 of the same spreadsheet. 3. Explain what the R2 value is indicating about our equation. Explain what the F statistic is indicating (refer to Chapter 3). 4. Explain what the t statistics indicate about each of our variables px, py, and I (again, refer to Chapter 3). 5. Inspect the coefcient values on each of our variables. What is the relationship between goods x and y? Is it a normal or inferior good. 6. Suppose the price of it were to increase by 10 percent. What would happen to sales of x quantitatively? What will happen to revenues from sales of x (up or down)? Explain