Demand for Wine Data Analysis

Estimate and analyze the demand for Wine (2005-2015). The data set includes information on the quantities consumed of this good (a proxy for the quantities demanded for this good), the price per unit of this good, the price per unit of at least one related good in consumption (substitute or complementary good), and a proxy for consumer income. The real demand for this good is unknown but we can use linear regression analysis to obtain a linear approximation of it. We use QD = F (P; PR, M) this formula to estimate demand. Where QD is the quantity demanded for this good, P is the price per unit, PR is the price of the related good(s) in consumption (substitute or complement) and M is consumer income. A linear approximation of this demand equation is QD = a + b P + c PR + d M. You will use the data provided and excel to get estimates for the unknown parameters a, b, c, and d. For more information on Demand for Wine Data Analysis check out: https://www.britannica.com/topic/wine

Attachment: Data for Wine demand (2005-2015) Project Info

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