Question: The data set contains beef demand data ((pounds purchasedper month)) from 1985-86. The variables are: Quantity of beef; price of beef purchased in cents per

The data set contains beef demand data ((pounds purchasedper month)) from 1985-86. The variables are: Quantity of beef; price of beef purchased in cents per pound; Income is consumer income in dollars; Prch is the price of chicken in cents per pound. Below is the regression output;

Regression Statistics

Multiple R

0.90

R Square

0.81

Standard Error

3182.960488

Observations

24

ANOVA

df

SS

MS

F

Significance F

Regression

3

695105030.4

2.32E+08

22.87

1.13E-06

Residual

20

202624749.4

10131237

Total

23

897729779.8

Coefficients

Standard Error

t Stat

P-value

Intercept

166,200

49771.53725

3.339809

0.003264

Prbf

-535.00

103.2627479

-5.18055

4.54E-05

Inc

25.00

9.16031234

2.370855

0.027906

Prch

300.00

137.3790156

2.458302

0.023205

19. If we assume that the price of beef is equal to zero, the price of chicken is equal to zero, and the level of income is equal to zero, then what would the estimated the value of beef demand be, based on our regression equation?

Group of answer choices

428,400

0

290,430

166,200

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