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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. This data consists 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 egions of each state. The data for each state are available via the link below--please note there are multiple tabs at the bottom of the spreadsheet, each refers to one of the seven states selling the Kalamazoo Brewing Company's
Assuming that the underlying demand relations is a linear function of price and income, use the below numbers to obtain least squares estimates of Mississippi's demand for KBS microbrews.
Q=___+___ Price + ___ Income
Quantity
Price
Income
575
31.26
33.95
674
30.69
35.51
616
31.54
28.78
183
27.41
30.44
501
29.75
31.28
578
29.48
33.77
590
28.94
38.31
445
28.17
34.01
603
28.58
32.53
713
28.57
31.69
337
30.06
32.26
230
29.36
31.57
403
28.81
32.75
383
32.52
568
32.02
35.91
698
32.91
34.85
826
28.45
34.06
789
26.85
38.92
645
30.49
35.94
601
31.72
38.05
467
31.23
36.48
429
37.61
552
28.89
38.29
553
31.13
36.9
562
27.52
39.22
352
30.02
34.21
611
31.38
33.97
346
29.08
38.53
354
28.8
34.4
401
27.64
253
30.47
34.24
524
30.97
211
32.85
34.66
666
30.11
41.38
468
32.14
585
28.41
29.16
29.96
35.05
656
30.46
37.11
571
32.86
32.94
454
28.49
32.7
510
30.67
33.14
672
31.92
33.73
499
28.44
41.92
560
27.94
35.06
848
29.74
32.71
617
29.54
37.96
530
31.34
37.38
649
30.08
35.55
824
29.13
42.89
626
37.17
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