Question;InstructionsThe goal of this assignment is to use SPSS to estimate the demand for a good or service (for example chicken) under two assumptions about what changes the quantity of the good or service demanded. Initially we will assume that only changes in price (P) affect the quantity demanded (Y). Under this assumption we will use SPSS (statistical software) to generate a straight line demand equation that offers the best "fit" the data you have on the good or service consumption.Then, you will decide what additional variables should be added to the model according to the theory of demand. You will use SPSS to conduct a regression analysis to estimate a new demand equation. A comparison of the two estimates of demand will lead to a discussion of problems caused by omitting crucial variables.Finally, you will transform the data and re-estimate the demand equation, using it to calculate and interpret price, cross-price, and income elasticities.
Paper#61456 | Written in 18-Jul-2015Price : $22