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Data has been collected from 15 regions where Widgets were sold last month. See table below:
Region
Quantity Sold
Price of Widgets (in dollars)
Median Income (In thousands of dollars)
Pricie of Zuggies (in dollars)
1
20
14
30
15
2
25
13
3
35
10
4
12
28
16
5
29
6
17
7
11
32
18
8
38
9
42
40
22
34
45
Use multiple regression to estimate the demand function for widgets. Is this a good equation overall? (Why) Which variables are significant? (Why) Are widgets normal goods or inferior goods? Are Zuggies substitutes for, complements to, Widgets? If you were contemplating entering a new region (16) where median income is $35 (thousand), Zuggies are selling for $14, and you plan to match Zuggie's price by also charging $14, how many Widgets do you estimate will be sold in region 16? (Note: you should be able to copy and paste the table above directly into an excel spread sheet.)
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