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

20.Assume the quantity of beef demanded in a month is 200,000 pounds and monthly household income is $2000. Using this information and the estimates in the regression table, what is the estimated income elasticity of demand for beef in that particular month?

Group of answer choices

1.7

0.25

1.070

0.35