## Solution Library

# Calculate Demand Using Data Of Consumption

**Question**

Consider the following data for a cross section of individuals in the population, in which:

Q = Quantity (in 100s) purchased in a year

P = Average price of aspirin in that year

M = Annual income (in $1000s)

A = Age of buyer

Calculate Regression using Regression Analysis Program in Excel

obs |
Q |
P |
M |
A |

1 |
1 |
1.5 |
20 |
25 |

2 |
2 |
1.5 |
40 |
20 |

3 |
4 |
1 |
12 |
25 |

4 |
2 |
1 |
10 |
30 |

5 |
2 |
1 |
8 |
30 |

6 |
3 |
2 |
30 |
35 |

7 |
3.5 |
1.5 |
30 |
40 |

8 |
4 |
2 |
20 |
40 |

9 |
7 |
1 |
20 |
45 |

10 |
1 |
3 |
15 |
40 |

11 |
2 |
2 |
18 |
30 |

12 |
3 |
2 |
20 |
32 |

13 |
3.5 |
2 |
15 |
36 |

14 |
4 |
2 |
10 |
30 |

15 |
2 |
3 |
25 |
20 |

16 |
1 |
4 |
15 |
25 |

17 |
8 |
2 |
15 |
55 |

18 |
9 |
1 |
40 |
50 |

19 |
1 |
4 |
10 |
45 |

20 |
10 |
1.5 |
30 |
55 |

21 |
6 |
1.5 |
35 |
60 |

22 |
2 |
1 |
30 |
40 |

23 |
3 |
1 |
25 |
40 |

24 |
3 |
2 |
20 |
35 |

25 |
3 |
2 |
15 |
35 |

26 |
4 |
3 |
20 |
35 |

27 |
1 |
4 |
20 |
25 |

28 |
1 |
4 |
25 |
30 |

29 |
2 |
5 |
28 |
30 |

30 |
3 |
1 |
30 |
32 |

Suppose income (M) is $20, the price of aspirin (P) is $2, and the average age of the population (A) is 35. What is the estimated demand for aspirin?

**Summary**

The question belongs to Statistics and it is about calculating the demand for aspirin using the above table.

**Total Word Count 35**

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