Please discuss and diagnose the following regression results of the estimated demand function for whole powdered milk. Can you get the price and elasticity from these results? Please explain.
Homework Answers
I)Since,R-square value is 0.8999.
Model fitting is good.
II)And from coefficients regression equation is,
QB =267.4043-0.0689(PB) +0.1444(RB)
III)Since p-value=0<
We conclude that, atleast one regression coefficient is differ significantlly.
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Please discuss and diagnose the following regression
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The information of data 1
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