Problem 3 The USDA collects data on commodity prices and consumption. Use their data to explain...

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Problem 3 The USDA collects data on commodity prices and consumption. Use their data to explain per-capita chicken consumption as a function of the price of chicken. (Note that economic theory suggests that an increase in a commodity price is generally associated with a decrease in demand.) 0per capita chicken consumption PCHICK consumer price index for chicken Collapse Al We estimated a linear regression model using annual data for 1950-2001 (N 52) Dependent variable: coeffidient std. error const PCHICK -0.1 0.15 R-squared: 0.854880 a. Write te equation for the least-squares regression line: b, Ther A hypothesis is: β Calculate the t-ratio- d. The critical value, evaluated at a 0.0S, for the distribution (with N-2 dn) is e Can we reject the null hypothesis? one)

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Problem 3 The USDA collects data on commodity prices and consumption. Use their data to explain...

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