Managerial Economics
ASSIGNMENT NO. 1: in-class team (2 member per team) project
Fish demand Price P.of Chi Income
405 3.5 2.15 41000
404 3.4 2.15 26000
420 3.55 2.1 29600
400 3.2 2.25 38000
418 3.9 2.2 47000
390 3.94 2.2 58000
400 3.54 2.4 49200
422 3.67 2.42 49855
410 4 2.51 59900
427 4.1 2.6 61000
430 3.9 2.61 57000
440 3.81 2.54 58900
441 3.8 2.95 50050
428 3.2 2.9 65900
390 3.89 3 65000
398 3.78 3.05 41000
380 3.5 3 42450
325 4 3.2 48000
378 4.25 3.55 132000
400 3.9 3.25 100200
430 3.21 3.2 91000
400 3.75 3.29 925000
410 3.9 2.85 43900
440 4.25 2.75 44665
425 4.2 3 100005
420 4 3.08 32000
431 4.1 3 39000
401 4.3 3.25 105642
408 4 3.1 100500
410 4.15 3.25 41500
Where: Fish Demand reflects the per pound fish consumption by locals (yrly)
Q. 1. What is average per capita consumption of fish and chicken?
Q 2. What are the estiamted elasticities of demand for Fish?
Q 3. Test the hypothesis that price of Chicken is not an important
factor in determining the demand for Fish
Q 4. Test the hypothesis that as Income increases so does the consumption of Fish
Q 5. Test the overall significance of the model
