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Use regression to estimate the demand function. Show the results.

1. Use regression to estimate the demand function. Show the results.
2. Write the subsequent demand equation, with Qd as the dependent variable; Price, Advertising, Product Development, and Rel Price as the independent variables.
3. How strong is the relationship between the quantity demanded and the set of independent variables? List and briefly interpret at least two measures of this strength.
4. Which variable is most important in determining quantity demanded? Justify the reasoning?

The following sales and marketing data was accumulated by a manufacturer over the past 12 quarters.
QdPriceAdvProd DevRel Price
561,628$ 9.75$ 150,000$ 115,000$ 9.46
697,734$ 9.25$ 162,000$ 100,000$ 9.44
761,217$ 9.40$ 125,000$ 125,000$ 10.14
667,994$ 10.25$ 250,000$ 100,000$ 10.09
496,985$ 10.40$ 200,000$ 150,000$ 10.21
637,148$ 9.90$ 160,000$ 120,000$ 10.16
569,773$ 10.55$ 250,000$ 100,000$ 10.34
663,146$ 10.17$ 245,000$ 115,000$ 10.31
432,424$ 10.30$ 185,000$ 140,000$ 10.52
535,571$ 10.50$ 140,000$ 150,000$ 10.56
698,376$ 10.20$ 185,000$ 140,000$ 10.38
793,260$ 10.00$ 120,000$ 150,000$ 10.32
Variable Definitions:
Qd = quantity demanded, in units
Price = price per unit charged by the firm that quarter
Adv = dollars spend in advertising, that quarter
Prod Dev = dollars spent in product development that quarter. Product development should be thought of as
money spent on developing additional features or properties that make the product more desirable
in the eyes of customers.
Rel Price = Price of a related product

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