Data table Two Stage Least Squares Estimates of the Demand for Cigarettes Using Panel Data for 48 U.S. States Dependent variable: In asigarettes) - In(ocigrattes Regressor In(ps) - In (p ) In (Inc, 1995) - In (Inc,1985) 4, 1985 (1) , 1995 (2) - 1.34** (0.23) (3) -0.94* - 1.20* 1995 1985 (0.21) 0.53 (0.20) 0.43 0.46 (0.34) -0.12 (0.30) -0.02 (0.07) (0.31) -0.05 Intercept (0.07) (0.06) Both sales tax and Instrumental variable(s) First-stage F-statistic Overidentifying restrictions J-test and p-value These regressions were estimated using data for 48 U.S. states (48 observations on the 10-year differences). The data are described in Appendix 12.1. The J-test of overidentifying restrictions is described in Key Concept 12.6 (its p-value is given in parentheses), and the first-stage F-statistic is described in Key Concept 12.5. Individual coefficients are statistically significant at the "5% level or **1% significance level. Sales tax Cigarette-specific tax cigarette-specific tax 88.60 33.70 107.20 4.93 (0.026) Print Done The following questions refer to the panel data regressions summarized in Table 12.1. Suppose that the federal government is considering a new tax on cigarettes that is estimated to increase the retail price by $0.80 per pack. If the current price per pack is $7.50, use the regression in column (1) to predict the change in demand. The expected percentage change in cigarette demand is 8.38 %. (Round your response to two decimal places.) Construct a 95% confidence interval for the change in demand. The confidence interval is (- 12.06| %. -4.71|%). (Round your responses to two decimal places.)

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