Chicken Consumption in the United States Essay

3628 Words Jul 4th, 2008 15 Pages
The Department of Agriculture is currently looking at the nation’s consumption of chicken. Data have been gathered dating back to 1970, in hopes of finding variables that are closely correlated with chicken consumption so that the consumption can be predicted. In the spreadsheet you will find 36 observations…one for each year since 1970. The variables are:

Year = Year
Y = per capita consumption of chicken (lbs.)
X1 = Real disposable income per capita ($)
X2 = Real retail price of chicken per lb (cents)
X3 = Real retail price of pork per lb. (cents)
X4 = Real retail price of beef per lb. (cents)
X5 = Composite real price of chicken substitutes per lb., which is a weighted average of the real retail prices per lb of pork and
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Hence we conclude that, the coefficient of real disposable income per capita is significant. Since p value (.040) is less than level of significance (0.05), we reject the hypothesis H02. Hence we conclude that, the coefficient of real retail price of chicken per lb is significant. Since p value (.012) is less than level of significance (0.05), we reject the hypothesis H03. Hence we conclude that, the coefficient of real retail price of pork per lb is significant. Since p value (.009) is less than level of significance (0.05), we reject the hypothesis H04. Hence we conclude that, the coefficient of real retail price of beef per lb is significant. Since p value (.009) is less than level of significance (0.05), we reject the hypothesis H05. Hence we conclude that, the coefficient of composite real price of chicken substitutes per lb is

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