According to the theory, you know that the quantity of demand for the chicken, Qt, will be affected by the price of the chicken ...

     According   to the theory, you know that the quantity of demand for the chicken, Qt, will   be affected by the price of the chicken itself, PCt, the price of the close   substitute good, i.e. beef, PBt, and average annual personal income, YDt.      Where Qt = per capita chicken   consumption (in pounds) in year t   PCt = the price of chicken (in   cents per pound) in year t   PBt = the price of beef (in   cents per pound) in year t   YDt = U.S. per capita   disposable income (in hundreds of dollars) in year t    

     1. Report   your results of the estimated regression in the form of an equation. Write   your results listing the standard errors in parentheses under the numerical   estimates of each estimator.    

     2. What is   the estimated value of b2 and what is the economic meaning of this value?    

     3. What is   the predicted value of the average quantity demanded for chicken with the   mean value of each of the independent variables?    

     4. Test   the hypothesis at the 5% significance level that an additional cent increase   in chicken price, PC, increase chicken demand by less than 0.5 pounds per   capita. Be sure to state: the null and alternative hypothesis, the critical   value of the test statistic, degree of freedom, the computed value of the   test statistic, and your conclusion.