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Elucidate the interpretation of the output created by most statistical packages (EXCEL) when linear regressions are run on a set of data.

 

 

The intent of this week exercise is to familiarize with EXCEL and to gain experience and practice in interpreting the output generated by most statistical packages (EXCEL) when linear regressions are run on a set of data.

The following data shows total sales volume for organic milk, price per gallon, and average household income.

Year
Qd (sales in million gallon)
Price per gallon ($)
Household income ($)
1999
1200
4
35,000
2000
1300
3.9
36000
2001
1320
4
37000
2002
1340
3
38000
2003
1310
3
34000
2004
1400
2.6
40000
2005
1390
2.5
40000
2006
1420
2
42000
2007
1410
2
40000
2008
1430
1.8
48000

Use Microsoft Excel to run a regression analysis for the following data. In Excel, first you need to type above data into your Excel spreadsheet. Then go to "tools", to "Data Analysis", to "Regression." Input sales data into"Input Y range" and price and income data into "Input X range." Mark "output range" and specify a worksheet location you want to place the output.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M919592

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