Statistics and Soft Drink Essay Example

Statistics and Soft Drink Essay CASE 1 DEMAND ESTIMATION and ELASTICITY: Soft Drinks in the U. S. 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. Given the data, please construct (a) a multiple linear regression equation and (b) a log-linear (exponential) regression equation for demand by MS Excel. (20%) 2. Given the MS Excel output in question 1, please compare the two regression equations’ coefficient of determination (R-square), F-test and t-test. Which equation is a good (better) fit? Which equation shows the stronger overall significance to predict the future demand? Which equation will you choose for a better demand estimation? Explain your answer in the language of statistics. 20%) 3. Given your choice of equation in question 2, please interpret each coefficient of independent variable in the soft drink demand estimated equation. (10%) 4. Given your choice of equation in question 2, how many cans/capita/year on soft drink should be for a state in which 6-pack price=$2. 45, Income/Capita=$36,500, and Mean Temp= 68Â °F? (20%) 5. Given your choice of equation in question 2 and the numbers in question 4, please calc ulate the price elasticity of demand and income elasticity. We will write a custom essay sample on Statistics and Soft Drink specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Statistics and Soft Drink specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Statistics and Soft Drink specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Comment on whether the demand is elastic or inelastic and whether soft drink is necessity, normal good or luxury good. (10%) 6. Now omit the price and temperature from the regression equation then run the regression again. Given the Excel output of only one independent variable, income, should a marketing plan for soft drinks be designed that relocates most canned drink machines into low-income neighborhoods? Please explain your answer in the language of economics. (20%)

Dead or Alive essays

Dead or Alive essays A Brief History of Cloning (1880 to present) August Weissmann states genetic information of a cell diminishes with each cell division. Walter Sutton proves chromosomes hold genetic information. Hans Spemann divides a Salamander embryo in two and shows early embryo cells retain all the genetic information necessary to create a new organism. Hans Spemann performs first nuclear transfer experiment. German scientist Hans Spemann proposes a "fantastical experiment" to transfer one cell's nucleus into an egg without a nucleus, the basic method that would eventually be used in cloning. Oswald Avery discovers genetic information is carried by the nucleic acids of cells. Watson and Crick find the structure of DNA. F.C. Steward grows whole carrot plants from carrot root cells. John Gurdon clones frogs from differentiated cells. J.B.S. Haldane coins the term 'clone.' Establishment of the complete genetic code. Shapiero and Beckwith isolate the first gene. Paul Berg creates the first recombinant DNA molecules. Cohen and Boyer create first recombinant DNA organisms. Karl Illmensee claims to have created mice with only one parent. The release of David Rorvik's book, In His Image: The Cloning of a Man, sparks a worldwide debate on cloning ethics. U.S. Supreme Court rules live, human made organisms are patentable material. Karl Illmensee and Peter Hoppe claim to have cloned mice by transplanting the nuclei of mouse embryo cells into mouse eggs. Other scientists are unable to reproduce the results. It is later discovered that the results were faked. Kary B. Mullis develops the polymerase chain reaction technique for rapid DNA synthesis. ...