write a paper (1,000 words) on Project B "fish'' which analyses the data set in excel. the two questions are a) Produce a scatterplot of price and quantity demanded of Cod. Set aside the variable “average water temperature.

write a paper (1,000 words) on Project B “fish” which analyses the data set in excel. the two questions
are a) Produce a scatterplot of price and quantity demanded of Cod. Set aside the variable “average water
temperature.” Estimate the household demand function for Cod as a function of the price of Cod, weekly
Income, the price of Beef, and some or all of the other provided variables. Carry out and report the necessary
statistical tests to choose your specification. Report the estimated own price elasticity, estimated income
elasticity of demand, and the cross – price elasticity of demand with Beef. Discuss any found issues with respect
to omitted variable bias.
(b) Suppose the price of Cod is determined by simultaneous solution of the market supply and demand of Cod.
Discuss how this is problematic for your estimate of the own price of elasticity for Cod. Use the variable
“average water temperature” to obtain a new estimate of the own price elasticity of Cod. Evaluate whether
“average water temperature” is an appropriate instrument.

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