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

question 52

Essay

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. Using Excel's regression,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: For the estimated log-log model,interpret the estimated coefficient of ln(Pepsi Price).

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