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Words: | Submitted: Mon Jun 19 2006
... real disposable income per head (1995 prices in pounds) TIME-A linear trend -(1966=1, 1967=2, ... , 2000=35) QB is included as this is what I am modeling and it will show me the demand for beef. RBPB was included as economic theory suggests that it will be the main factor affecting demand. A negative relationship would be expected from theory of demand as a price rise would make the alternatives to beef relatively more attractive. RPP and RPC were included as I think that they are two of the principle substitutes for beef ( pork and chicken). It would be expected that substitutes would have positive coefficients due to the fact that if the price of a substitute goes up, the good in question becomes relatively more attractive. RDIPH was included as economic theory suggests that with increased income comes increased demand. Therefore, if beef is a normal good I ...
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