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{"ops":[{"insert":"The following table shows the price and quantity sold of coffee by Abracadabra Coffee Shop over a\u00a0\nperiod of six(6) weeks.\nWeeks:. 1 2 3 4 5 6\nQuantity Sold: 5 7 8 10 11 13\nPrice of coffee: 6 9 10 12 13 16\n\nA student studying econometrics formulated the following model to explain the quantity sold of\u00a0\ncoffee per week (coffqty) as a function of the price of coffee (coffpric).\u00a0\n\u00a0ln(coffqty) = \u03b20 + \u03b21 ln(coffpric) + u\na. Estimate the parameters \u03b20 and \u03b21 of the above model by OLS. Interpret the slope\u00a0coefficient\nb. Calculate the coefficient of determination and interpret it.\n"}]}
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