# Economics

Rebel Sole is a rapidly expanding shoe company. The following is the demand estimate for its popular shoes. The estimate was done using 40 observations.

*Q* = 10 – 10 *P* + 4 *A* + 0.42*I* + 0.25*Py*

(3) (1.8) (0.7) (0.1) (0.1)

*F* = 93, *s* = 6, *R2* = 93%

Q is quantity sold (in thousands), P is shoe price, A is advertising expenditure (in thousands), the numbers in parentheses are standard errors, I is disposable income per capita (thousands of dollars), and Py is the price of related goods.

- Evaluate the model based on F, R2.
- Test the significance of Py.
- If P = $5, A = $30,000, I = 50,000, and Py = $6, calculate advertising elasticity.
- Given the information in c. above, calculate the 95% confidence interval for Q

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