Estimate a Market Demand

In the SLP assignment you are also asked to estimate a market demand or a cost function (your choice) using the tools of regression analysis and the regression software outlined in attachment with complete assignment instructions. 
The first data set (demand for housing) is used to apply the hedonic approach to demand estimation, while the second data set (demand for cigarettes) is used to apply the classical approach. Finally, the third dataset (cost of electricity) uses a well known dataset to estimate the cost of electricity production. In all cases the data is cross-sectional data. 
The estimation of demand follows two approaches:
• the classical approach, whereby the quantity demanded of a product is explained by its own price, the prices of related goods (complements and substitutes), income, tastes and preferences, and the size of the population, among others;
• the hedonic approach, whereby the price of an asset (car, house) is explained by the characteristics of the asset itself (i.e., the price of housing depends on the number of bedrooms, the number of bathroom, the view from the house (using a dummy variable: 1 = view, 0 = no view), the square footage of the house, the square footage of the lot, etc).
SLP Assignment Expectations (Use Heading for paragraphs)
In the SLP Assignment, you are expected to:
• Describe the purpose of the paper and provide a conclusion.
• Present information in a professional manner.
• Answer the SLP Assignment question clearly and provide necessary details.
• Write clearly and correctly—that is, no poor sentence structure, no spelling and grammar mistakes, and no run-on sentences.
• Provide citations to support your argument and place references on a separate page. (All the sources that you listed in the references section must be cited in the paper.) Use APA format to provide citations and references [http://owl.english.purdue.edu/owl/resource/560/01/].
• Type and double-space the paper.
• Whenever appropriate, please use Excel to show supporting computations in an appendix, present economic information in tables, and use the data to answer follow-up questions. 
* Note: See attachment with complete instructions on assignment. Paper should include two files: (1) An Excel file with analysis; and (2) A Word document.

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