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DEMAND ESTIMATION Soft DrinksDemand can be estimated with experim

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DEMAND ESTIMATION: Soft Drinks
Demand can be estimated with experimental data, time-
series data, or cross-section data. In this case, cross-
section data appear in the Excel file. Soft drink
consumption in cans per capita per year is related to six-
pack price, income per capita, and mean temperature
across the 48 contiguous states in the United States.
QUESTIONS
1. How many cans/capita/year on soft drink should be for a
state in which 6-pack price=$1.95,
Income/Capita=$23,500, and Mean Temp= 68
Solution
Question1) With the given criteria, following will come
1.
63
So the total Canns Demand=295+203+330+237+237=1302.
Question2)
Yes, Since the demand is high at lower income levels, I
Would suggest to go for it.Arkansas2371.939.9
63

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DEMAND ESTIMATION: Soft Drinks Demand can be estimated with experimental data, time series data, or cross-section data. In this case, cross section data appear in the Excel file. Soft drink consumption in cans per capita per year is related to sixpack price, income per capita, and mean temperature across the 48 contiguous states in the United States. QUESTIONS 1. How many cans/capita/year on soft drink should be for a state in which 6-pack price=$1.95, Income/Capita=$23,500, and Mean Temp= 68 Solution Question1) With the given criteria, following will come 1. 63 So the total Canns Demand=295 ...
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