Suppose the Kalamazoo Brewing Company (KBC) currently sells its
microbrews in a seven-state area: Illinois, Indiana, Michigan,
Minnesota, Mississippi, Ohio, and Wisconsin. The company’s
marketing department has collected data from its distributors in
each state. This data consists of the quantity and price (per case)
of microbrews sold in each state, as well as the average income (in
thousands of dollars) of consumers living in various regions of
each state. The data for each state are available via the link
below--please note there are multiple tabs at the bottom of the
spreadsheet, each refers to one of the seven states selling the
Kalamazoo Brewing Company’s microbrews.
Excel Data File
Quantity | Price | Income |
575 | 31.26 | 33.95 |
674 | 30.69 | 35.51 |
616 | 31.54 | 28.78 |
183 | 27.41 | 30.44 |
501 | 29.75 | 31.28 |
578 | 29.48 | 33.77 |
590 | 28.94 | 38.31 |
445 | 28.17 | 34.01 |
603 | 28.58 | 32.53 |
713 | 28.57 | 31.69 |
337 | 30.06 | 32.26 |
230 | 29.36 | 31.57 |
403 | 28.81 | 32.75 |
383 | 32.52 | 29.48 |
568 | 32.02 | 35.91 |
698 | 32.91 | 34.85 |
826 | 28.45 | 34.06 |
789 | 26.85 | 38.92 |
645 | 30.49 | 35.94 |
601 | 31.72 | 38.05 |
467 | 31.23 | 36.48 |
429 | 31.28 | 37.61 |
552 | 28.89 | 38.29 |
553 | 31.13 | 36.9 |
562 | 27.52 | 39.22 |
352 | 30.02 | 34.21 |
611 | 31.38 | 33.97 |
346 | 29.08 | 38.53 |
354 | 28.8 | 34.4 |
401 | 27.64 | 34.01 |
253 | 30.47 | 34.24 |
524 | 30.97 | 38.29 |
211 | 32.85 | 34.66 |
666 | 30.11 | 41.38 |
468 | 29.48 | 32.14 |
585 | 28.41 | 29.16 |
578 | 29.96 | 35.05 |
656 | 30.46 | 37.11 |
571 | 32.86 | 32.94 |
454 | 28.49 | 32.7 |
510 | 30.67 | 33.14 |
672 | 31.92 | 33.73 |
499 | 28.44 | 41.92 |
560 | 27.94 | 35.06 |
848 | 29.74 | 32.71 |
617 | 29.54 | 37.96 |
530 | 31.34 | 37.38 |
649 | 30.08 | 35.55 |
824 | 29.13 | 42.89 |
626 | 31.72 | 37.17 |
Assuming that the underlying demand relation is a linear
function of price and income, use your spreadsheet program to
obtain least squares estimates of Mississippi’s demand for KBC
microbrews.
Instruction: If the estimate is negative, enter a
negative number (-) in the equation. Enter your responses rounded
to two decimal places.
Q = + Price + Income
Suppose the Kalamazoo Brewing Company (KBC) currently sells its microbrews in a seven-state area: Illinois, Indiana,...
Suppose the Kalamazoo Brewing Company (KBC) currently sells its microbrews in a seven-state area: Illinois, Indiana, Michigan, Minnesota, Mississippi, Ohio, and Wisconsin. The company’s marketing department has collected data from its distributors in each state. This data consists of the quantity and price (per case) of microbrews sold in each state, as well as the average income (in thousands of dollars) of consumers living in various regions of each state. The data for each state are available via the link...
Suppose the Kalamazoo Brewing Company (KBC) currently sells its microbrews in a seven-state area: Illinois, Indiana, Michigan, Minnesota, Mississippi, Ohio, and Wisconsin. The company’s marketing department has collected data from its distributors in each state. This data consists of the quantity and price (per case) of microbrews sold in each state, as well as the average income (in thousands of dollars) of consumers living in various regions of each state. The data for each state are available via the link...