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**Running Regression **

Doing regression analysis on Excel is a two-step process. Complete the following

1. Install the Analysis Tool-Pak on your PC.

2. Run the regression analysis.

The Analysis Tool-Pak is an Excel add-in. The Analysis Tool-Pak is part of Excel, but is not installed in the typical initial installation.

The directions on this handout are based on Excel 2007. If you have a different version of Excel, the steps below will be the same, but their location on the menu may be somewhat different. Consult the “Help” function for specifics about your version of Excel.

1. To install the Analysis Tool-Pak on your PC:

a. Click on the “Office” button (the yellow circle on the upper left corner of the screen), then click the “Excel Options” button at the bottom.

b. Click “Add-Ins” on the left panel.

c. Select “Excel Add-Ins” from the dropdown list at the bottom. Then click “Go.”

d. Select the “Analysis Tool-Pak” check box in the “Add-Ins” dialog box, and then click “OK.”

e. If an alert appears that asks if you want to install the Add-In, click yes.

2. Enter your data and run the regression analysis.

3. Enter the data to be used for your problem. Data must be entered by columns, with the independent variables (x-variables) in adjacent columns.

4. The dependent variable can be entered in ether the left or right column of your spreadsheet. For purposes of running the example in this handout, enter the data below as shown.

5. Click on “Data” (top menu bar), then “Data Analysis,” then “Regression,” and then “OK.”

6. Place the cursor in the “Input Y Range” box. Highlight the range of cells on the spreadsheet that contain the y-variable.

7. Place the cursor in the “Input X Range” box. Highlight the range of cells on the spreadsheet that contain the x-variables. (Recall that they should be entered in adjacent rows or columns.)

8. Click on the “Output Range” button. Place the cursor in a blank cell on the spreadsheet where no spreadsheet content currently appears (either below or to the right of the cell). (Cell A10 should work for this example.) Click on that cell, and the cell address will appear in the box next to Output Range. This cell represents the upper-left corner of the location where your regression output will appear.

9. Click “OK” on the regression dialog box. The regression output will appear. You may need to widen the column widths on your spreadsheet to get the entire variable label to appear.

10. To help you locate important results, the following are highlighted in yellow. (These are discussed in the textbook.) They are not highlighted in the default output of Excel.

a. Intercept and variable coefficients

b. Standard error of the intercept and of each coefficient

c. T-statistic of the intercept and of each coefficient

d. The probability of obtaining a t-statistic of this value, given that the null hypothesis (the intercept or variable coefficient) is zero. (The null hypothesis holds.)

e. The 95% confidence interval for the variable coefficient and the intercept.

f. The adjusted R-square value

g. The F-statistic and its significance

**Complete the following**

1)Chapter 2, Technical Questions 3 and 5 in the textbook.

2) The demand curve is given by QD = 500 − 5PX + 0.5I + 10PY − 2PZ where

QD = quantity demanded of good X

PX = price of good X

I = consumer income, in thousands

PY = price of good Y

PZ = price of good Z

a. Based on the demand curve above, is X a normal or an inferior good?

b. Based on the demand curve above, what is the relationship between good X and good Y?

c. Based on the demand curve above, what is the relationship between good X and good Z?

d. What is the equation of the demand curve if consumer incomes are $30,000, the price of good Y is $10, and the price of good Z is $20?

e. Graph the demand curve that you found in (d), showing intercepts and slope.

f. If the price of good X is $15, what is the quantity demanded? Show this point on your demand curve.

g. Now suppose the price of good Y rises to $15.Graph the new demand curve.

3)5. Suppose the demand and supply curves for a product are given by

QD = 500 − 2P

QS = −100 + 3P

a. Graph the supply and demand curves.

b. Find the equilibrium price and quantity.

c. If the current price of the product is $100, what is the quantity supplied and the quantity demanded? How would you describe this situation,and what would you expect to happen in this market?

d. If the current price of the product is $150, what is the quantity supplied and the quantity

demanded? How would you describe this situation,and what would you expect to happen in this market?

e. Suppose that demand changes to QD = 600 – 2P. Find the new equilibrium price and quantity, and show this on your graph.

4)Chapter 2, Application Question 2 in the textbook.

Using data sources from business publications and the Internet, discuss significant trends in both demand and supply in the copper industry that have influenced the price of copper since September 2011. What are the implications of these trends for managerial decision making in the copper industry?

5)Chapter 3, Technical Question 1 in the textbook.

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For each of the following cases, calculate the arc price elasticity of demand, and state whether demand is elastic, inelastic, or unit elastic.

a. When the price of milk increases from $2.25 to $2.50 per gallon, the quantity demanded falls from 100 gallons to 90 gallons.

b. When the price of paperback books falls from $7.00 to $6.50, the quantity demanded rises from 100 to 150.

c. When the rent on apartments rises from $500 to $550, the quantity demanded decreases from 1,000 to 950.

6)Chapter 3, Application Question 1 in the textbook.

Based on the elasticity data in Table 3.7, discuss why public health officials generally advocate the use of cigarette taxes to reduce teenage smoking, while state and local governments often use these taxes to raise revenue to fund their services.

Follow these instructions for completing and submitting your assignment

1.Place all answers, both numerical and written, in a single excel spreadsheet.

2.Place each problem into a separate tab or sheet in an Excel file.

3.Place labels on spreadsheet inputs and outputs, and use the yellow highlighter on the top menu bar to highlight your final answer.

4.If the question incorporates graphs, you must replicate the graph on your spreadsheet file.

5.Do not submit Word files or multiple files for a single assignment.

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