Order the answer to: Suppose the Kalamazoo Brewing Company (KBC) currently sells its

Homework Assistance business-economics Order the answer to: Suppose the Kalamazoo Brewing Company (KBC) currently sells its

business-economics

Order the answer to: Suppose the Kalamazoo Brewing Company (KBC) currently sells its

Question Suppose the Kalamazoo Brewing Company (KBC) currently sells its microbrews in a seven-state area: Illinois, Indiana, Michigan, Minnesota, Mississippi, Ohio, and Wisconsin. The company’s marketing department has collected data from its distributors in each state. These data consist of the quantity and price (per case) of microbrews sold in each state, as well as the average income (in thousands of dollars) of consumers living in various regions of each state. The data for each state are available online at www.mhhe.com/baye7e under the filename Q19_STATE.xls, where “STATE” refers to one of the seven states selling the Kalamazoo Brewing Company’s microbrews. For instance, the data for Michigan are contained in the file named Q19_MI.xls. Assuming that the underlying demand relation is a linear function of price and income, use your spreadsheet program to obtain least squares estimates of the state’s demand for KBC microbrews. Print the regression output and provide an economic interpretation of the regression results.
Subject business-economics
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