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Homework answers / question archive / Suppose we get a data on demand for a commodity (Y), price (X1), and consumers’ income (X2) from 15 respondents as shown below
Suppose we get a data on demand for a commodity (Y), price (X1), and consumers’ income (X2) from 15 respondents as shown below. Y 40 45 50 55 60 70 65 65 75 75 80 100 90 95 85 X1 9 8 9 8 7 6 6 8 5 5 5 3 4 3 4 X2 400 500 600 700 800 900 1000 1100 1200 1300 1400 1500 1600 1700 1800A. Given this information, find the OLS estimators for multiple linear regression model and specify the equation of the model. B. Describe briefly the effect of price (X1) and consumers’ income (X2) on demand for the commodity (Y). C. Determine the significance of each independent variable to affect the demand for the commodity D. Find the goodness of fit of the regression model E. Test the overall significance of the model