Please help with 1-4 I am very confused!
The summary output is on top, the questions are below the output, and the data I used for the regression is below the question.
Thank you!!
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5 R Square 0.91696 5 Adjusted R0.903119 Standard Error 22.8616 Observations 43
10 ANOVA 11 ip SS MS Significance 12 Regression 62.08E+08 3461960 966.25 3965.69E-18 13 Residual 361881 104152 2528.9 14 Total 422.27E+09 15 16 Coefficient Standard Error Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% 17 1 Intercept 22135.213 399.19 36.51 19011.45E-07 29029.09 15241.32 68-29029.09 15241.32 18 X Variable 1671.989 1112.213 -1.503 30.141484 -3927.66 1583.68 26943927.66 1583.68 19 Variable -3270.611 1718.709 1.902 9460.065069 -6756.316 215.0926393 -6756.316 215.0926 20 X Variable -456.501 159.607 -2.860 1520.007005 -780.1995 -132.8024256 -780.1995 -132.8024 21 X Variable 105.909 517.333 596.110073 4.95E-07 70.755341 41.06362367 70.755341 41.0636 22 X Variable -0.042 003 0.123 096 -0.341 219 0.734 922 -0.291 653 0.207 647 703 0.291 653 0.207 648 X Variable 7489.251 677.167 4.465 417 7.59E-05 4087797 10890.701824 4087797.797 10890.7 24 25 Using the average values of the Independent variables in the dataset calculate 261. The estimated cotton quantity 27 2. The own-price elasticity of demand for cotton 28 3. The cross-price elasticities between cotton & polyester, cotton & wool 29 4. The income elasticity of cotton 30 units Mil Ibs $/Ib S/1b S/Ib million People Billion Dollars 22 = 100% U.S. Apparel Cotton Cotton Polyester U.S. Personal Price 32 Year Quantity Mill Price Price Wool Price Population Income Index 33 1980 3,313.80 $0.9099 $0.6813 $2.38 228.858 $2,323.60 79.29% 34 1981 3,289.50 $0.6844 $0.8316 $2.74 231.073 $2,605.10 81.69% 35 1982 3,280.60 $0.7164 $0.9651 $2.96 233.241 $2,791.60 82.85% 36 1983 3,102.70 $0.8150 $0.9073 $2.77 235.310 $2,981.10 84.91% 37 1984 3,690.40 $0.6793 $0.8889 $2.56 237.392 $3,292.70 86.64% 38 1985 3,935.40 $0.6673 $0.9727 $2.53 239.558 $3,524.90 39 1986 4,176.40 $0.6184 $0.8637 $2.19 241.702 $3,733.10 89.12% 40 1987 4,830.20 $0.7129 $0.8443 $2.26 243.895 $3,961.60 95.15% 41 1988 5,749.10 $0.6539 $0.9064 $3.14 246.140 $4,283.40 99.03% 42 1989 5,269.20 $0.7780 $1.0111 $4.77 248.569 $4,625.60 100.60% 43 1990 5,896.70 $0.8406 $1.1594 $4.21 251.758 $4,913.80 105.23% 44 1991 6,264.00 $0.6469 $1.1576 $3.60 255.089 $5,084.90 109.03% 45 1992 7,138.70 $0.6301 $1.0943 $2.32 258.546 $5,420.90 110.43% 46 1993 7,592.40 $0.7124 $1.1217 $2.32 261.796 $5,657.90 111.26% 47 1994 7,970.90 $0.9504 $1.1394 $1.70 264.924 $5,947.10 110.27% 48 1995 7,922.00 $0.8958 $1.1884 $2.43 268.047 $6,291.40 109.11% 49 1996 7,903.40 $0.7837 $1.3616 $2.81 271.243 $6,678.50 107.62% 1997 8,696.50 $0.7444 $1.3034 $2.34 274.499 $7,092.50 108.53% 51 1998 9,219.10 $0.6766 $1.2233 $2.57 277.658 $7,606.70 108.95% 52 1999 9,519.80 $0.5949 $1.1719 $1.84 280.846 $8,006.80 108.70% 53 2000 8,943.10 $0.5854 $1.1089 $1.48 283.748 $8,655.90 107.13% 54 2001 9,709.30 $0.4120 $1.1879 $1.50 286.533 $9,012.80 103.91% 55 2002 9,739.10 $0.5388 $1.2483 $1.66 289.214 $9,161.00 101.68% 56 2003 9,768.60 $0.6777 $1.2898 $2.68 291.868 $9,498.50 99.86% 57 2004 9,916.70 $0.5297 $1.3220 $3.14 294.561 $10,044.30 99.12% 58 2005 10,771.50 $0.5665 $1.3756 $2.75 297.311 $10,604.90 96.80% 59 2006 10,856.50 $0.5722 $1.4612 $2.57 300.178 $11,384.70 97.71% 60 2007 10,807.60 $0.7035 $1.5080 $2.65 303.062 $12,021.40 96.41% 61 2008 10,052.80 $0.5477 $1.5969 $3.73 305.827 $12,477.60 96.46% 62 2009 8,902.20 $0.7740 $1.6164 $3.47 308.495 $12,080.40 97.49% 63 2010 6,911.70 $1.1200 $1.9335 $4.24 311.020 $12,594.50 95.91% 64 2011 8,439.80 $0.9818 $1.7666 $4.10 313.454 $13,339.30 100.91% 65 2012 8,162.90 $0.8608 $1.8210 $6.30 315.877 $14,014.30 103.63% 66 2013 8,437.20 $0.9185 $1.8768 $5.90 318.276 $14,193.70 103.21% 67 2014 8,330.00 $0.7096 $1.9135 $5.34 320.815 $14,976.60 103.37% 68 2015 8,684.30 $0.6984 $1.9306 $4.89 323.318 $15,685.20 101.13% 69 2016 8,453.50 $0.8090 $1.9891 $5.01 325.742 $16,096.90 101.69% 70 2017 8,485.70 $0.8661 $2.0798 $5.37 327.848 $16,839.90 101.53% 71 2018 8,845.40 $0.8000 $2.0703 $4.80 329.659 $17,683.80 101.25% 72 2019 8,759.30 $0.6588 $1.9683 $4.15 331.345 $18,587.00 97.90% 73 2020 9,416.25 $0.6851 $2.0298 $4.02 331.968 $19,832.30 91.92% 74 2021 9,604.60 $0.7126 $2.1119 $3.98 332.640 $21,294.80 95.65% 75 2022 10,084.70 $0.8100 $2.2338 $4.85 333.081 $21,861.40 100.00%