A market trader sells ball-point pens at his stall. He sells the pens for a different fixedprice, x Kwacha, in each of six weeks. He notes the number of pens, y, that he sells ineach of these six weeks. The results are shown in the following table:XyWeek 11068Week 21560Week 32055Week 42548Week 53038Week 63532The trader would like to determine whether a relationship exists between x and y andtherefore decides to run an OLS regression.a) Specify the estimation model you will use (the econometric form).b) Use an econometric package of your choice (EViews, SPSS, STATA etc) toestimate the model and report the coefficients, standard errors, t-statistics,probability and R-squared (report the results in a table).c) Re-write the specified model in (a) with values from the regression results andinterpret the coefficients.d) Interpret the value of the R-squared obtained.

a)We use an ordinary Least Squares regression (OLS) modelb)By the given data,we use R-software, we…

Answered: A market trader sells ball-point pens…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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