Dixie showtime movie theaters, inc., owns and operates a chain of cinemas in several markets in the southern u. s. the owners would like to estimate weekly gross revenue as a function of advertising expenditures. data for a sample of eight markets for a recent week follow.
market weekly gross revenue ($100s) | television advertising ($100s) | newspaper advertising ($100s)
mobile 103.5 | 4.9 | 1.7
shreveport 51.6 | 3.3 | 3.0
jackson 75.8 | 4.0 | 1.5
birmingham 127.8 | 4.2 | 4.0
little rock 134.8 | 3.2 | 4.3
biloxi 101.4 | 3.6 | 2.2
new orleans 237.8 | 5.0 | 8.5
baton rouge 219.6 | 6.7 | 5.9
use the data to develop an estimated regression with the amount of television advertising as the independent variable.

let x represent the amount of television advertising.

if required, round your answers to four decimal places. for subtractive or negative numbers use a minus sign even if there is a + sign before the blank. (example: -300)

test for a significant relationship between television advertising and weekly gross revenue at the 0.05 level of significance. what is the interpretation of this relationship?

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answer; societal marketing;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.