Answer to Question #261666 in Economics for Muller

Question

The following data refers to the price of a good ‘P’ and the quantity of the good supplied,

‘S’.

P 2 7 5 1 4 8 2 8

S 15 41 32 9 28 43 17 40

a. Estimate the linear regression line (S)   P

b. Estimate the standard errors of ˆ and ˆ

c. Test the hypothesis that price influences supply

d. Obtain a 95% confidence interval for 

Answer 1

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