Use the “BEER” data set to answer the following

Use the “BEER” data set to answer the following question.(data below, able to be copy/pasted into excel) The data set includes 30 observations on beer consumption and related data. The variables included are as follows:

                              q             = quantity of beer purchased (in liters)

                              pB           = price of beer (in dollars)

                              pL           = price of other liquor (in dollars)

                              pR           = price of remaining (non-alcoholic) goods & services (in dollars)

                              m            = income (in dollars)

1.Suppose that beer industry representatives hypothesize that the marginal propensity to buy beer out of an additional dollar of income is $0.01. Conduct a hypothesis test to determine if there is any validity to their conjecture. Use a = 1%.  

2.Conduct a hypothesis test to determine if the regressors are jointly significant in explaining the quantity of beer purchased. Be sure to state the null and alternative hypotheses formally.

obs q pB pL pR m
1 81.7 1.78 6.95 1.11 25088
2 56.9 2.27 7.32 0.67 26561
3 64.1 2.21 6.96 0.83 25510
4 65.4 2.15 7.18 0.75 27158
5 64.1 2.26 7.46 1.06 27162
6 58.1 2.49 7.47 1.1 27583
7 61.7 2.52 7.88 1.09 28235
8 65.3 2.46 7.88 1.18 29413
9 57.8 2.54 7.97 0.88 28713
10 63.5 2.72 7.96 1.3 30000
11 65.9 2.6 8.09 1.17 30533
12 48.3 2.87 8.24 0.94 30373
13 55.6 3 7.96 0.91 31107
14 47.9 3.23 8.34 1.1 31126
15 57 3.11 8.1 1.5 32506
16 51.6 3.11 8.43 1.17 32408
17 54.2 3.09 8.72 1.18 33423
18 51.7 3.34 8.87 1.37 33904
19 55.9 3.31 8.82 1.52 34528
20 52.1 3.42 8.59 1.15 36019
21 52.5 3.61 8.83 1.39 34807
22 44.3 3.55 8.86 1.6 35943
23 57.7 3.72 8.97 1.73 37323
24 51.6 3.72 9.13 1.35 36682
25 53.8 3.7 8.98 1.37 38054
26 50 3.81 9.25 1.41 36707
27 46.3 3.86 9.33 1.62 38411
28 46.8 3.99 9.47 1.69 38823
29 51.7 3.89 9.49 1.71 38361
30 49.9 4.07 9.52 1.69 41593

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