FINAN 2 Managerial Economics – Estimate the demand for soft drinks using a multiple regression program

Managerial Economics
Questions
1.
Estimate
the demand for soft drinks using a multiple regression program available on
your computer.
2.
Interpret
the coefficients and calculate the price elasticity of soft drink demand.
3.
Omit
price from the regression equation and observe the bias introduced into the
parameter estimate for income.
4.
Now
omit both price and temperature from the regression equation. Should a
marketing plan for soft drinks be designed that relocates most canned drink
machines into low-income neighborhoods? Why or why not?
TABLE 1 Soft Drink Demand Data (available as an
Excel file on this book’s Web site)

CANS/ CAPITA/ YR

6-PACK $ PRICE

INCOME $/ CAPITA

MEAN TEMP. ̊ F

Alabama

200

2.19

13

66

Arizona

150

1.99

17

62

Arkansas

237

1.93

11

63

California

135

2.59

25

56

Colorado

121

2.29

19

52

Connecticut

118

2.49

27

50

Delaware

217

1.99

28

52

Florida

242

2.29

18

72

Georgia

295

1.89

14

64

Idaho

85

2.39

16

46

Illinois

114

2.35

24

52

Indiana

184

2.19

20

52

Iowa

104

2.21

16

50

Kansas

143

2.17

17

56

Kentucky

230

2.05

13

56

Louisiana

269

1.97

15

69

Maine

111

2.19

16

41

Maryland

217

2.11

21

54

Massachusetts

114

2.29

22

47

Michigan

108

2.25

21

47

Minnesota

108

2.31

18

41

Mississippi

248

1.98

10

65

Missouri

203

1.94

19

57

Montana

77

2.31

19

44

Nebraska

97

2.28

16

49

Nevada

166

2.19

24

48

New Hampshire

177

2.27

18

35

New Jersey

143

2.31

24

54

New Mexico

157

2.17

15

56

New York

111

2.43

25

48

North Carolina

330

1.89

13

59

North Dakota

63

2.33

14

39

Ohio

165

2.21

22

51

Oklahoma

184

2.19

16

82

Oregon

68

2.25

19

51

Pennsylvania

121

2.31

20

50

Rhode Island

138

2.23

20

50

South Carolina

237

1.93

12

65

South Dakota

95

2.34

13

45

Tennesse

236

2.19

13

60

Texas

222

2.08

17

69

Utah

100

2.37

16

50

Vermont

64

2.36

16

44

Virginia

270

2.04

16

58

Washington

77

2.19

20

49

West Virginia

144

2.11

15

55

Winsconsin

97

2.38

19

46

Wyoming

102

2.31

19

46

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