Stats Solutions

(See Solution) A typical consumer behaved in the following manner with respect to purchases of butter over the past eight years: Year Price of Butter ($/pound)

Question: A typical consumer behaved in the following manner with respect to purchases of butter over the past eight years:

Year Price of Butter
($/pound) 		Quantity of Butter Purchased Real Income
($) 		Price of Margarine
($/pound)
1 0.95 200 11000 0.65
2 1.1 180 11000 0.65
3 1.1 190 11500 0.65
4 1.1 200 11500 0.9
5 1.15 170 11500 0.9
6 0.99 190 11500 0.9
7 0.99 175 10500 0.9
8 0.99 150 10500 0.65

Compute all meaningful price, income and cross-elasticity coefficients. (Remember that the effects of the other factors need to be held constant when computing any of these coefficients).

Price: $2.99
Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document


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