Dataset: sugar_demand.dat Sources: H. Schultz(1933). "A Comparison of Elasticities of Demand Obtained by Different Methods," Econometrica, Vol.1, #3, pp.274-308 H. Schultz (1925). "The Statistical Law of Demand, Appendix 2," Journal of Political Economy, Vol.33, #6,pp.634-637. Description: Sugar Consumption, unadjusted prices, US population, and wholesale price indices for 1896-1914. Models suggested by author: Q=Per Capita Consumption (Pounds), P=Real (adjusted) Price T=time (year-1905) 1) Q = a + b*P + c*T 2) Q = A*(P^B)*exp(CT) 3) Q1 = a1 + b1*P 4) Q1 = A1*(P1^B1) 5) Q2 = a2 + b2*P2 6) Q2 = A2*(P2^B2) Q1 = Q/trend(Q) where trend(Q) = c + d*T similar for P1 Q2 = Q(t)/Q(t-1) similar for P2 (will lose one observation) Variables/Columns Year 5-8 US sugar consumption (1000s of tons) 10-16 Price per pound (Cents, Unadjusted) 18-24 Population (Millions) 26-32 /* Obtained from 1925 paper, different 1933*/ BLS Wholesale Price Index (1913=100) 34-40