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Look at these variables for my product, beef, and develop an econometric demand function, to model the changes in the demand for beef for the subperiod 1967-95.
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E101 Coursework: modeling assignment Introduction. The demand for a product has many variables which affect it. Each variable affects the demand to a different degree. I am going to look at these variables for my product, beef, and develop an econometric demand function, to model the changes in the demand for beef for the subperiod 1967-95. To evaluate my results I will use regression analysis, t statistics, the value of R and by looking at different elasticities. I will then forecast the consumption of beef using my chosen model for the subperiod1995-2000. the factors that will affect the demand for beef will be, the price of beef, the price of substitutes, income and trends in tastes over time. Estimation of alternative demand functions. Using the data file FOOD00.FIT I constructed an alternative linear demand for beef for the subperiod 1967-95. The variables that I included were: QB-Quantity of beef and veal RPB-Real price of...
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