1.Imple linear model: using the fulton fish database from the poe package, where we have the natural log of the dollar price of fish represented as price and the quantity of fish sold at that price represented as quan (use r help command ?fulton fish to check for the other variable definitions), a. plot scatter plots to understand the best functional form for regressing quantity sold on price
b. run the following models for the regressing of quantity of whiting sold on price, and compare for each of these models, the value of the change of quantity sold for a marginal rise of price from i. linear model ii. log-log model iii. quadratic model iv. log-level model v. level-log model
c. which of the above models do you think is most suited for the prediction of quantity sold changes for a given change in price?
d. does this model do a good job of explaining the variations of the quantity of fish sold?
e. are all l. i.n. e. assumptions met for the above model?"