SUMMARY OUTPUT

Regression Statistics
Multiple R 0.3800418486
R Square 0.1444318067
Adjusted R Square 0.0969002404
Standard Error 4.2610653683
Observations 20

ANOVA
df SS MS F Significance F
Regression 1 55.1717946921 55.171794692 3.038650268 0.0983597545
Residual 18 326.820205308 18.156678073
Total 19 381.992

Coefficients Standard Error t Stat P-value Lower 95%

Intercept 69.87646498 8.76961974107 7.9680153807 2.594487E-07 51.452177611
Price/pound -0.553000909 0.31723820668 -1.743172472 0.098359754 -1.219493648

Price change New C Change in C

Beef Consumption 56.051442254 55.91319203 -0.002466488
Price 25 1% 25.25
New Price
 Upper 95%
88.30075235
0.11349183

Elasticity
-0.246648831
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.9597778766
R Square 0.9211735724
Adjusted R Square 0.9063936172
Standard Error 1.3718387466
Observations 20

ANOVA
df SS MS F Significance F
Regression 3 351.880935254 117.293645085 62.32587048 4.798926E-09
Residual 16 30.1110647465 1.88194154665
Total 19 381.992

Coefficients Standard Error t Stat P-value Lower 95%

Intercept 90.81364647 5.26604672418 17.2451273653 9.277223E-12 79.650126188
Price/pound -1.849849527 0.14598958247 -12.671106357 9.316061E-10 -2.159333614
Income 0.0831895325 0.00686782659 12.1129343459 1.796146E-09 0.0686303907
Pork.Consumption -0.415084663 0.05394517019 -7.6945658298 9.154805E-07 -0.529443315

Beef Consumption 59.177356473 Price change New C Change in C

Price 25 58.71489409 -0.007814854
Income 475 1% 25.25
Pork Consumption 60 New Price

Income Change New C Change in C

59.57250675 0.0066773899
New constant term 105.42359464 1% 479.75
New Price
25
 Upper 95%
101.97716675
-1.540365439
0.0977486744
-0.300726012

Price Elasticity
-0.781485367

Income Elasticity
0.6677389852
Year Beef.Consumption Price/pound Income Pork.Consumption
1922 59.1 23.1 452 65.7
1923 59.6 23.6 505 74.2
1924 59.5 24.1 499 74
1925 59.5 24.5 507 66.8
1926 60.3 24.8 515 64.1
1927 54.5 26.5 520 67.7
1928 48.7 30.5 533 70.9
1929 49.7 32 556 69.6
1930 48.9 30.3 506 67
1931 48.6 27.6 474 68.4
1932 46.7 25.5 400 70.7
1933 51.5 23.3 394 69.6
1934 55.9 24.4 430 63.1
1935 52.9 31.1 468 48.4
1936 58.1 28.9 522 55.1
1937 55.2 31.7 537 55.8
1938 54.4 28.5 502 58.2
1939 54.7 29.7 542 64.7
1940 54.9 29.5 575 73.5
1941 60.9 30 663 68.4
 Average Cost Curves

50.000

45.000

40.000

35.000

30.000
MR
Cost

25.000 AFC
AVC
20.000 ATC
MC
15.000 Deman
d
10.000

5.000

0.000

-5.000

-10.000
0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
Quantity
Quantity Price TR MR TFC TVC TC AFC AVC ATC
0 56.990 0 250 0 250
1 56.450 56.450 56.450 250.0 12.0 262.0 250.000 12.000 262.000
2 55.909 111.818 55.369 250.0 24.0 274.0 125.000 12.000 137.000
3 55.369 166.106 54.287 250.0 36.0 286.0 83.333 12.000 95.333
4 54.828 219.312 53.206 250.0 48.0 298.0 62.500 12.000 74.500
5 54.287 271.437 52.125 250.0 60.0 310.0 50.000 12.000 62.000
6 53.747 322.481 51.044 250.0 72.0 322.0 41.667 12.000 53.667
7 53.206 372.444 49.963 250.0 84.0 334.0 35.714 12.000 47.714
8 52.666 421.325 48.882 250.0 96.0 346.0 31.250 12.000 43.250
9 52.125 469.126 47.800 250.0 108.0 358.0 27.778 12.000 39.778
10 51.585 515.845 46.719 250.0 120.0 370.0 25.000 12.000 37.000
11 51.044 561.483 45.638 250.0 132.0 382.0 22.727 12.000 34.727
12 50.503 606.040 44.557 250.0 144.0 394.0 20.833 12.000 32.833
13 49.963 649.516 43.476 250.0 156.0 406.0 19.231 12.000 31.231
14 49.422 691.911 42.395 250.0 168.0 418.0 17.857 12.000 29.857
15 48.882 733.224 41.313 250.0 180.0 430.0 16.667 12.000 28.667
16 48.341 773.456 40.232 250.0 192.0 442.0 15.625 12.000 27.625
17 47.800 812.607 39.151 250.0 204.0 454.0 14.706 12.000 26.706
18 47.260 850.677 38.070 250.0 216.0 466.0 13.889 12.000 25.889
19 46.719 887.666 36.989 250.0 228.0 478.0 13.158 12.000 25.158
20 46.179 923.573 35.908 250.0 240.0 490.0 12.500 12.000 24.500
21 45.638 958.400 34.826 250.0 252.0 502.0 11.905 12.000 23.905
22 45.098 992.145 33.745 250.0 264.0 514.0 11.364 12.000 23.364
23 44.557 1024.809 32.664 250.0 276.0 526.0 10.870 12.000 22.870
24 44.016 1056.392 31.583 250.0 288.0 538.0 10.417 12.000 22.417
25 43.476 1086.894 30.502 250.0 300.0 550.0 10.000 12.000 22.000
26 42.935 1116.314 29.421 250.0 312.0 562.0 9.615 12.000 21.615
27 42.395 1144.654 28.339 250.0 324.0 574.0 9.259 12.000 21.259
28 41.854 1171.912 27.258 250.0 336.0 586.0 8.929 12.000 20.929
29 41.313 1198.089 26.177 250.0 348.0 598.0 8.621 12.000 20.621
30 40.773 1223.185 25.096 250.0 360.0 610.0 8.333 12.000 20.333
31 40.232 1247.200 24.015 250.0 372.0 622.0 8.065 12.000 20.065
32 39.692 1270.133 22.934 250.0 384.0 634.0 7.813 12.000 19.813
33 39.151 1291.985 21.852 250.0 396.0 646.0 7.576 12.000 19.576
34 38.610 1312.757 20.771 250.0 408.0 658.0 7.353 12.000 19.353
35 38.070 1332.447 19.690 250.0 420.0 670.0 7.143 12.000 19.143
36 37.529 1351.056 18.609 250.0 432.0 682.0 6.944 12.000 18.944
37 36.989 1368.583 17.528 250.0 444.0 694.0 6.757 12.000 18.757
38 36.448 1385.030 16.447 250.0 456.0 706.0 6.579 12.000 18.579
39 35.908 1400.395 15.365 250.0 468.0 718.0 6.410 12.000 18.410
40 35.367 1414.679 14.284 250.0 480.0 730.0 6.250 12.000 18.250
41 34.826 1427.882 13.203 250.0 492.0 742.0 6.098 12.000 18.098
42 34.286 1440.004 12.122 250.0 504.0 754.0 5.952 12.000 17.952
43 33.745 1451.045 11.041 250.0 516.0 766.0 5.814 12.000 17.814
44 33.205 1461.004 9.960 250.0 528.0 778.0 5.682 12.000 17.682
45 32.664 1469.883 8.878 250.0 540.0 790.0 5.556 12.000 17.556
46 32.123 1477.680 7.797 250.0 552.0 802.0 5.435 12.000 17.435
47 31.583 1484.396 6.716 250.0 564.0 814.0 5.319 12.000 17.319
48 31.042 1490.031 5.635 250.0 576.0 826.0 5.208 12.000 17.208
49 30.502 1494.584 4.554 250.0 588.0 838.0 5.102 12.000 17.102
50 29.961 1498.057 3.472 250.0 600.0 850.0 5.000 12.000 17.000
51 29.421 1500.448 2.391 250.0 612.0 862.0 4.902 12.000 16.902
52 28.880 1501.758 1.310 250.0 624.0 874.0 4.808 12.000 16.808
53 28.339 1501.987 0.229 250.0 636.0 886.0 4.717 12.000 16.717
54 27.799 1501.135 -0.852 250.0 648.0 898.0 4.630 12.000 16.630
55 27.258 1499.202 -1.933 250.0 660.0 910.0 4.545 12.000 16.545
56 26.718 1496.187 -3.015 250.0 672.0 922.0 4.464 12.000 16.464
57 26.177 1492.092 -4.096 250.0 684.0 934.0 4.386 12.000 16.386
58 25.636 1486.915 -5.177 250.0 696.0 946.0 4.310 12.000 16.310
59 25.096 1480.657 -6.258 250.0 708.0 958.0 4.237 12.000 16.237
60 24.555 1473.317 -7.339 250.0 720.0 970.0 4.167 12.000 16.167
61 24.015 1464.897 -8.420 250.0 732.0 982.0 4.098 12.000 16.098
62 23.474 1455.396 -9.502 250.0 744.0 994.0 4.032 12.000 16.032
63 22.934 1444.813 -10.583 250.0 756.0 1006.0 3.968 12.000 15.968
64 22.393 1433.149 -11.664 250.0 768.0 1018.0 3.906 12.000 15.906
65 21.852 1420.404 -12.745 250.0 780.0 1030.0 3.846 12.000 15.846
66 21.312 1406.578 -13.826 250.0 792.0 1042.0 3.788 12.000 15.788
67 20.771 1391.670 -14.907 250.0 804.0 1054.0 3.731 12.000 15.731
68 20.231 1375.682 -15.989 250.0 816.0 1066.0 3.676 12.000 15.676
69 19.690 1358.612 -17.070 250.0 828.0 1078.0 3.623 12.000 15.623
70 19.149 1340.461 -18.151 250.0 840.0 1090.0 3.571 12.000 15.571
71 18.609 1321.229 -19.232 250.0 852.0 1102.0 3.521 12.000 15.521
72 18.068 1300.916 -20.313 250.0 864.0 1114.0 3.472 12.000 15.472
73 17.528 1279.522 -21.394 250.0 876.0 1126.0 3.425 12.000 15.425
74 16.987 1257.046 -22.476 250.0 888.0 1138.0 3.378 12.000 15.378
75 16.447 1233.489 -23.557 250.0 900.0 1150.0 3.333 12.000 15.333
76 15.906 1208.851 -24.638 250.0 912.0 1162.0 3.289 12.000 15.289
77 15.365 1183.132 -25.719 250.0 924.0 1174.0 3.247 12.000 15.247
78 14.825 1156.332 -26.800 250.0 936.0 1186.0 3.205 12.000 15.205
79 14.284 1128.451 -27.881 250.0 948.0 1198.0 3.165 12.000 15.165
80 13.744 1099.488 -28.963 250.0 960.0 1210.0 3.125 12.000 15.125
81 13.203 1069.444 -30.044 250.0 972.0 1222.0 3.086 12.000 15.086
82 12.662 1038.319 -31.125 250.0 984.0 1234.0 3.049 12.000 15.049
83 12.122 1006.113 -32.206 250.0 996.0 1246.0 3.012 12.000 15.012
84 11.581 972.826 -33.287 250.0 1008.0 1258.0 2.976 12.000 14.976
85 11.041 938.458 -34.368 250.0 1020.0 1270.0 2.941 12.000 14.941
86 10.500 903.008 -35.450 250.0 1032.0 1282.0 2.907 12.000 14.907
87 9.960 866.477 -36.531 250.0 1044.0 1294.0 2.874 12.000 14.874
88 9.419 828.865 -37.612 250.0 1056.0 1306.0 2.841 12.000 14.841
 89 8.878 790.172 -38.693 250.0 1068.0 1318.0 2.809 12.000 14.809
90 8.338 750.398 -39.774 250.0 1080.0 1330.0 2.778 12.000 14.778
91 7.797 709.543 -40.855 250.0 1092.0 1342.0 2.747 12.000 14.747
92 7.257 667.606 -41.937 250.0 1104.0 1354.0 2.717 12.000 14.717
93 6.716 624.588 -43.018 250.0 1116.0 1366.0 2.688 12.000 14.688
94 6.175 580.489 -44.099 250.0 1128.0 1378.0 2.660 12.000 14.660
95 5.635 535.309 -45.180 250.0 1140.0 1390.0 2.632 12.000 14.632
96 5.094 489.048 -46.261 250.0 1152.0 1402.0 2.604 12.000 14.604
97 4.554 441.705 -47.342 250.0 1164.0 1414.0 2.577 12.000 14.577
98 4.013 393.282 -48.424 250.0 1176.0 1426.0 2.551 12.000 14.551
99 3.472 343.777 -49.505 250.0 1188.0 1438.0 2.525 12.000 14.525
100 2.932 293.191 -50.586 250.0 1200.0 1450.0 2.500 12.000 14.500
MC Profit
12 -250
12.000 -205.550
12.000 -162.182
12.000 -119.894
12.000 -78.688
12.000 -38.563
12.000 0.481
12.000 38.444
12.000 75.325
12.000 111.126
12.000 145.845
12.000 179.483
12.000 212.040
12.000 243.516
12.000 273.911
12.000 303.224
12.000 331.456
12.000 358.607
12.000 384.677
12.000 409.666
12.000 433.573
12.000 456.400
12.000 478.145
12.000 498.809
12.000 518.392
12.000 536.894
12.000 554.314
12.000 570.654
12.000 585.912
12.000 600.089
12.000 613.185
12.000 625.200
12.000 636.133
12.000 645.985
12.000 654.757
12.000 662.447
12.000 669.056
12.000 674.583
12.000 679.030
12.000 682.395
12.000 684.679 Income = 425
12.000 685.882 Income = 450
12.000 686.004 Income = 475
12.000 685.045
12.000 683.004
12.000 679.883
12.000 675.680
12.000 670.396
12.000 664.031
12.000 656.584
12.000 648.057
12.000 638.448
12.000 627.758
12.000 615.987
12.000 603.135
12.000 589.202
12.000 574.187
12.000 558.092
12.000 540.915
12.000 522.657
12.000 503.317
12.000 482.897
12.000 461.396
12.000 438.813
12.000 415.149
12.000 390.404
12.000 364.578
12.000 337.670
12.000 309.682
12.000 280.612
12.000 250.461
12.000 219.229
12.000 186.916
12.000 153.522
12.000 119.046
12.000 83.489
12.000 46.851
12.000 9.132
12.000 -29.668
12.000 -69.549
12.000 -110.512
12.000 -152.556
12.000 -195.681
12.000 -239.887
12.000 -285.174
12.000 -331.542
12.000 -378.992
12.000 -427.523
12.000 -477.135
12.000 -527.828
12.000 -579.602
12.000 -632.457
12.000 -686.394
12.000 -741.412
12.000 -797.511
12.000 -854.691
12.000 -912.952
12.000 -972.295
12.000 -1032.718
12.000 -1094.223
12.000 -1156.809