Exhibit 16-7

question 50

Short Answer

Exhibit 16-7.It is believed that the sales volume of one liter Pepsi bottles depends on the price of the bottle and the price of one liter bottle of Coca Cola.The following data has been collected for a certain sales region. Using Excel's regression,the linear model PepsiSales = β₀ + β₁PepsiPrice + β₂ColaPrice + ε and the log-log model ln(PepsiSales)= β₀ + β₁ln(PepsiPrice)+ β₂ln(ColaPrice)+ ε have been estimated as follows: Refer to Exhibit 16.7.What is the percentage of variations in ln(PepsiSales)explained by the estimated log-log model?

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Definitions:

Motivational Interviewing

A counseling approach that seeks to engage a client's own motivation to change behavior, focusing on exploring and resolving ambivalence.

Brief Intervention

A short counseling or therapy session aimed at inducing change in behavior, commonly used for substance abuse or risky health behaviors.

Controlled Drinking

A treatment approach for alcohol addiction which aims at moderating consumption rather than abstaining completely.

Licensed Professional Counselor

A mental health professional who has met the required educational, practicum, and licensure requirements to provide counseling services.