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Question: Based on quarterly observations for the United States for the period 1961-l through 1977-ll, H. C...Question: Based on quarterly observations for the United States for the period 1961-l through 1977-ll, H. C...Question: Based on quarterly observations for the United States for the period 1961-l through 1977-ll, H. C...

Show transcribed image text Based on quarterly observations for the United States for the period 1961-l through 1977-ll, H. C Huang, J. J. Siegfried, and F. Zardoshty14 estimated the following demand function for coffee. The figures in parentheses are t values.) ln Q 1.2789 -0.1647 ln Pt 0.5115 ln l +0.1483 ln P 12-14) (1.23) (0.55) -0.0089 0.0961 D 0.1570 -0.0097D 13.36) C374) 16.030 10.37) where Q pounds of coffee consumed per capita the relative price of coffee per pound at 1967 prices per capita PDI, in thousands of 1967 dollars the relative price of tea per quarter pound at 1967 prices the time trend with t 1 for 1961-l, tot 66 for 1977-ll

Based on quarterly observations for the United States for the period 1961-l through 1977-ll, H. C Huang, J. J. Siegfried, and F. Zardoshty14 estimated the following demand function for coffee. The figures in parentheses are t values.) ln Q 1.2789 -0.1647 ln Pt 0.5115 ln l +0.1483 ln P 12-14) (1.23) (0.55) -0.0089 0.0961 D 0.1570 -0.0097D 13.36) C374) 16.030 10.37) where Q pounds of coffee consumed per capita the relative price of coffee per pound at 1967 prices per capita PDI, in thousands of 1967 dollars the relative price of tea per quarter pound at 1967 prices the time trend with t 1 for 1961-l, tot 66 for 1977-ll