PLEASE SUBMIT IT IN EXCEL FILEThe fileDownload FinalQuestion2.xlsxcontains quarterly data on pork sales. Price is in dollars per hundred pounds, quantity sold is in billions of pounds, per...

PLEASE SUBMIT IT IN EXCEL FILE

The file








Download FinalQuestion2.xlsx





contains quarterly data on pork sales. Price is in dollars per hundred pounds, quantity sold is in billions of pounds, per capita income is in dollars, U.S. population is in millions, and GDP is in billions of dollars.

1. Use the data to develop a regression equation that could be used to predict the quantity of pork sold during future periods. Determine what variables should be included in the model. Discuss how you can tell whether unequal variance or multicollinearity might be a problem.




2. Suppose that during each of the next two quarters, price is 45, U.S. population is 240, GDP is 2620, and per capita income is 10,000. (These are in the units described previously.) Predict the quantity of pork sold during each of the next two quarters and provide a 95% prediction interval.

Data QuarterPork SalesPork PriceIncomePopulationGDP 130.4439.3582552121549 229.2346.1186712131589 325.1258.8385832141629 428.3552.2086492151669 528.9547.9987752161718 627.8349.1988122171768 729.5343.8888842181818 835.9034.2589672191868 932.9439.0890362201918 1031.8640.8791252211978 1130.7443.8592802222038 1234.9941.3893992232098 1332.4347.4494872242148 1432.6547.8495302252218 1531.5848.5296222262288 1635.4050.0597322272338 1733.9851.9898132282398 1837.5848.0497782292448 1938.5938.5298092302478 2043.4736.3998672312508 2141.2436.3199582312539 2243.0031.1898052352598 2337.5746.2398822352598 These data were found from several sources.