Boris Yeltsin Products Inc Has Hired You To Analyze Demand In 30 Regional Markets Fo 3345453

Boris Yeltsin Products, Inc., has hired you to analyze demand in 30 regional markets for Product Y, a new vodka beverage. A statistical analysis of demand in these markets shows (standard errors in parentheses): QY = 500 – 8P + 5PX + 0.05A + 0.025I (350) (2.5) (2) (0.03) (0.011) R2 = 93% Standard Error of the Estimate = 20 Here, QY is market demand for Product Y, P is the price of Y in dollars, A is dollars of advertising expenditures, PX is the average price in dollars of another (unidentified) product, and I is dollars of household income. In a typical market, the price of Y is $500, PX is $600, advertising expenditures are $10,000, and average per capita income is $40,000. A. Does each independent X variable have a significant effect on the dependent Y variable? B. What percentage of demand variation is explained by this model?