Question Three {10 Marks From the following is the regression output of the quantity demanded of a commodity (Y), its price (X1) and consumer income (X2) from 1986 to 2005 (10 Marks) SUMMARY OUTPUT Regression Statistics Multiple R 0

Question Three {10 Marks From the following is the regression output of the quantity demanded of a commodity (Y), its price (X1) and consumer income (X2) from 1986 to 2005 (10 Marks) SUMMARY OUTPUT Regression Statistics Multiple R 0.98398 R Square 0.968217 Adjusted R Square 0.964478 Standard Error 7.204988 Observations 20 ANOVA df Regression Residual Total SS MS F gnificance F 2 26884.3 13442.15 258.9418 1.86E-13 17 882.5015 51.91185 19 27766.8 Intercept X1 X2 Coefficientsandard Err Stat P-value Lower 9596Upper 95%ower 95.Opper 95.0% 114.0738 29.93119 3.811201 0.001396 50.9245 177.2231 50.9245 177.2231 -9.47019 1.819581 -5.2046 7.16E-05 -13.3092 -5.63121 -13.3092 -5.63121 0.028937 0.006422 4.505861 0.000312 0.015387 0.042486 0.015387 0.042486 a. What is the interpretation of the coefficients on price (X1), and consumer income (X2); (4 Marks) b. Determine the commodity Y's quantity demanded and demand curve when price is $4; income is $3000. Show the demand curve when price is expressed as a function of quantity. (6 Marks)