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Soft Drinks Output Essay

1679 words - 7 pages

ECO 740 SOFT DRINK DEMAND ESTIMATION

Prepared by:
Bajuriah binti Yunus
Salmiwati binti Mohamad Jamili
Suraya Hani binti Su’id
Zerafinas binti Abu Hassan

Prepared for :
Prof. Dr. Saadiah Mohamad


In economics demand can be defined the relationship between the prices of a commodity and the quantity of the commodity which the consumer wants to buy at certain price. It is essentially the attitude and reaction of a consumer towards the commodity they want to purchase. Demand forecasting involves techniques including both informal methods and quantitative methods, such as the use of historical sales data. As an example, ...view middle of the document...

19 16 82
Oregon 68 2.25 19 51
Pennyslvania 121 2.31 20 50
Rhode Islang 138 2.23 20 50
South Carolina 237 1.93 12 65
South Dakota 95 2.34 13 45
Tennessee 236 2.19 13 60
Texas 222 2.08 17 69
Utah 100 2.37 16 50
Vermont 64 2.36 16 44
Virgina 270 2.04 16 58
Washington 77 2.19 20 49
West Virginia 144 2.11 15 55
Wisconsin 97 2.38 19 46
Wyoming 102 2.31 19 46
Total 7594 105.72 861 2562

Question 1:
Estimate the demand for soft drink using multiple regression programs available on your computer.
Answer:
Cans = 514.267 - 242.971 Price + 1.224 Income + 2.931 Temp
A. Result using SPSS
Coefficientsa
Model Unstandardized Coefficients Standardized Coefficients t Sig.
B Std. Error Beta
1 (Constant) 514.267 113.332 4.538 .000
6 - PACK $ PRICE -242.971 43.526 -.588 -5.582 .000
INCOME $ / CAPITA 1.224 1.523 .076 .804 .426
MEAN TEMP. F 2.931 .711 .402 4.120 .000
a. Dependent Variable: CANS / CAPITA / YR

B. Result using Microsoft Excel
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 514.27 113.33 4.54 0.00 285.86 742.67 285.86 742.67
6-Pack Price ($) -242.97 43.53 -5.58 0.00 -330.69 -155.25 -330.69 -155.25
Income/Capita ($1,000) 1.36 1.69 0.80 0.43 -2.05 4.77 -2.05 4.77
Mean Temp. (F) 2.93 0.71 4.12 0.00 1.50 4.37 1.50 4.37

Question 2:
Interpret the coefficient and the price elasticity of soft drink demand.
Table 2
Price Elasticity of soft drink demand

State 6 - Pack Price ($) Cans / Capita / Yr Coefficients Price ED = b.P/Q ($)
(P) (Q) (b)
Alabama 2.19 200 -242.971 -2.66
Arizona 1.99 150 -242.971 -3.22
Arkansas 1.93 237 -242.971 -1.98
California 2.59 135 -242.971 -4.66
Colorado 2.29 121 -242.971 -4.60
Connecticut 2.49 118 -242.971 -5.13
Delaware 1.99 217 -242.971 -2.23
Florida 2.29 242 -242.971 -2.30
Georgia 1.89 295 -242.971 -1.56
Idaho 2.39 85 -242.971 -6.83
Illinois 2.35 114 -242.971 -5.01
Indiana 2.19 184 -242.971 -2.89
Iowa 2.21 104 -242.971 -5.16
Kansas 2.17 143 -242.971 -3.69
Kentucky 2.05 230 -242.971 -2.17
Louisiana 1.97 269 -242.971 -1.78
Maine 2.19 111 -242.971 -4.79
Maryland 2.11 217 -242.971 -2.36
Massachusetts 2.29 114 -242.971 -4.88
Michigan 2.25 108 -242.971 -5.06
Minnesota 2.31 108 -242.971 -5.20
Mississippi 1.98 248 -242.971 -1.94
Missouri 1.94 203 -242.971 -2.32
Montana 2.31 77 -242.971 -7.29
Nebraska 2.28 97 -242.971 -5.71
Nevada 2.19 166 -242.971 -3.21
New Hampshire 2.27 177 -242.971 -3.12
New Jersey 2.31 143 -242.971 -3.92
New Mexico 2.17 157 -242.971 -3.36
New York 2.43 111 -242.971 -5.32
North Carolina 1.89 330 -242.971 -1.39
North Dakota 2.33 63 -242.971 -8.99
Ohio 2.21 165 -242.971 -3.25
Oklahoma 2.19 184 -242.971 -2.89
Oregon 2.25 68 -242.971 -8.04
Pennsylvania 2.31 121 -242.971 -4.64
Rhode Island 2.23 138 -242.971 -3.93
South Carolina 1.93 237 -242.971 -1.98
South Dakota 2.34 95 -242.971 -5.98
Tennessee 2.19 236 -242.971 -2.25
Texas 2.08 222 -242.971 -2.28
Utah 2.37 100...

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