Business, 22.04.2021 20:40 chrisswid

Supermarket scanner data of prices and quantities for various types of beef and poultry are available in the accompanying Excel file. The monthly data from the Economic Research Center of the US Department of Agriculture in cooperation with the Livestock Marketing Information Center (LMIC) covers January 2001 to July 2005. The file includes quantity and price data for three cuts of beef (Chuck Roast, Porter House and Ribeye) plus data for chicken prices and disposable income. a. Using regression analysis, estimate the demand functions for Chuck Roast, Porter House, and Ribeye. Indicate significance of each coefficient and of each model citing the relevant test statistics.
b. Estimate the own price elasticity, cross elasticity, and income elasticity for each cut of beef.

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