Estimating the Demand for Beef - AHDB Analyst Task

Data Summary and Presentation

Overview

You are an analyst with the Agricultural and Horticultural Development Board (AHDB), specialising in beef.  You have been asked to estimate the demand for beef so that likely future price increases resulting from the introduction of a Meat Health Tax can be evaluated by the AHDB. To do this you must identify your preferred econometric model specification.  In order to facilitate this analysis it is necessary that you derive the best statistical demand relationship for your given data set.  

An important element of the analysis is to provide guidance as to the appropriate functional form of the demand relationship for beef.  You should therefore concentrate on explaining your choice of preferred demand relationship as a result of the analysis you perform.


Task 1: You will first need to generate your data set in EXCEL (See below for details).
Task 2: Analyse the data estimating various demand equations of your choice in EXCEL.
Task 3: Prepare and submit a report on the demand for beef based on your analysis.

Data Summary and Presentation

Make sure you generate the appropriate variables. Observations regarding the data and outliers can be made. Also summary statistics of the data set are useful

Econometric Methods

Make sure you understand the models estimated and how the various tests are used and interpreted. There is plenty of scope for making mistakes and you will be penalised for any mistakes you make.