Economically Interpret the Regression

Given cellar capacity constraints, The Kalamazoo Brewing Company (KBC) currently sells its microbrews in a seven-state area. The company’s marketing department has collected data from its distributors at each state. Data on the quantity and price (per case) of microbrews sold in the state of Ohio, as well as the average income (in thousands of dollars) of consumers living in the state of Ohio is given in the file attached to this assignment under the file name Ohio-KAZ.xls. Assuming that the underlying demand relation is a linear function of price and income, use Excel program to estimate of the state’s demand for KBC microbrews in Ohio. Print (past) the computer regression output and provide an economic interpretation of the regression results.