# Wilpen Company, a price-setting firm, produces nearly 80 percent of all tennis balls purchased in the United States

###### Question:

Wilpen Company, a price-setting firm, produces nearly 80 percent of all tennis balls purchased in the United States. Wilpen estimates the U.S. demand for its tennis balls by using the following linear specifications:
Q= a + bP + cM + dPr
Where Q is the number of cans of tennis balls sold quarterly, P is the wholesale price Wilpen charges for a can of tennis balls, M is the consumer’s average household income, and Pr is the average price of tennis rackets. The regression results are as follows:
Dependent Variable: Q
Observations: 20
R-Square: 0.8435
F-Ratio: 28.75
P-Value on F: 0.001
Variable
Intercept-Parameter Estimate 425120, Standard Error 220300, T-Ratio 1.93, P-Value 0.0716
P- Parameter Estimate -37260.6, Standard Error 12587, T-Ratio -22.96, P-Value 0.0093
M- Parameter Estimate 1.49, Standard Error 0.3651, T-Ratio 4.08, P-Value 0.0009
PR- Parameter Estimate -1456, Standard Error 460.75, T-Ratio -3.16, P-Value 0.006
a. Discuss the statistical significance of the parameter estimates a^, b^, c^, and d^ using the p-values. Are the signs of b^, c^, and d^ consistent with the theory of demand?
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