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It Is Believed That the Sales Volume of One-Liter Pepsi

Question 17

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It is believed that the sales volume of one-liter Pepsi bottles depends on the price of the bottle and the price of a one-liter bottle of Coca-Cola. The following data have been collected for a certain sales region. It is believed that the sales volume of one-liter Pepsi bottles depends on the price of the bottle and the price of a one-liter bottle of Coca-Cola. The following data have been collected for a certain sales region. The linear model Pepsi Sales = β<sub>0</sub> + β<sub>1</sub>Pepsi Price + β<sub>2</sub>Cola Price + ε and the log-log model ln(Pepsi Sales) = β<sub>0</sub> + β<sub>1</sub>ln(Pepsi Price) + β<sub>2</sub>ln(Cola Price) + ε have been estimated as follows: For the log-log model, interpret the estimated coefficient for ln(Pepsi Price). The linear model Pepsi Sales = β0 + β1Pepsi Price + β2Cola Price + ε and the log-log model ln(Pepsi Sales) = β0 + β1ln(Pepsi Price) + β2ln(Cola Price) + ε have been estimated as follows: It is believed that the sales volume of one-liter Pepsi bottles depends on the price of the bottle and the price of a one-liter bottle of Coca-Cola. The following data have been collected for a certain sales region. The linear model Pepsi Sales = β<sub>0</sub> + β<sub>1</sub>Pepsi Price + β<sub>2</sub>Cola Price + ε and the log-log model ln(Pepsi Sales) = β<sub>0</sub> + β<sub>1</sub>ln(Pepsi Price) + β<sub>2</sub>ln(Cola Price) + ε have been estimated as follows: For the log-log model, interpret the estimated coefficient for ln(Pepsi Price). For the log-log model, interpret the estimated coefficient for ln(Pepsi Price).

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