Regression Statistics Multiple R 0.97747728 R Square 0.955461832 Adjusted R Squa
ID: 2923331 • Letter: R
Question
Regression Statistics
Multiple R 0.97747728
R Square 0.955461832
Adjusted R Square 0.946085376
Standard Error 42.4112273
Observations 24
ANOVA
df SS MS F Significance F
Regression 4 733155.8015 183288.9504 101.9000984 1.46651E-12
Residual 19 34175.53183 1798.712201
Total 23 767331.3333
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 1183.802486 506.2980062 2.338153561 0.030467269 124.1085829 2243.49639 124.1085829 2243.49639
P -213.4219011 13.48631686 -15.82506946 2.13823E-12 -241.6490866 -185.1947156 -241.6490866 -185.1947156
M_INCOME 0.091088289 0.012409922 7.339956795 5.87592E-07 0.065114024 0.117062553 0.065114024 0.117062553
PAL 101.3028564 38.74776028 2.614418373 0.017051998 20.20286225 182.4028505 20.20286225 182.4028505
PBMAC 71.84479909 27.09970176 2.651128774 0.015762653 15.12447158 128.5651266 15.12447158 128.5651266
Calculate the following for Checker's Pizza:
1. Own price elasticity, income elasticity, and cross-price elasticity for both Al’s Pizza and Big Macs. Evaluate each at the mean values of the data. Show how you calculated the elasticities, and report your values for each of the elasticities calculated.
1 SUMMARY OUTPUT Regression Statistics 4 Multiple R 5 R Square 6 Adjusted R Square 0.946085 7 Standard Error 8 Observations 0.977477 0.955462 42.41123 24 10 ANOVA MS nificance F 12 Regression 13 Residual 14 Total 4 733155.8 183289 101.9001 1.47E-12 19 34175.53 1798.712 23 767331.3 Coefficientstandard Err t Stat P-value Lower 95% 1183.802506.298 2.338154 0.030467 124.1086 2243.496 124.1086 2243.496 213.422 13.4863215.8251 2.14E-12 -241.649185.195 -241.649 -185.195 0.091088 0.01241 7.339957 5.88E-07 0.065114 0.117063 0.065114 0.117063 101.3029 38.74776 2.614418 0.017052 20.20286 182.4029 20.20286 182.4029 71.8448 27.0997 2.651129 0.015763 15.12447 128.5651 15.12447 128.5651 r 95% over 95.09 r 95.0% 17 Intercept 18 P 19 M INCOME 20 PAL 21 PBMAC 23 Calculate the following for Checker's Pizza: 1. Own price elasticity, income elasticity, and cross price elasticity for both Al's Pizza and Big Macs. Evaluate each at the mean values of the data. Show how you calculated the elasticities, and report your values for each of the elasticities calculatedExplanation / Answer
Demand Funcaton: Q = a + bP + cM + dPal + ePBMac Q=1183.802486-213.4219011(9.5)+0.091088289(26614)+101.30
Q=2688.324575
Ê=^b(P/Q) -0.718168
ÊM=(M/Q 0.901733
Ê=^d(PAL/ 0.3813
ÊXBMAC= 0.030622