Economics, Data Science, Statistics, Towards Data Science, Business.
omitted variables, we are going to include additional predictors such as income, inflation, population, and the price of beef. Beef prices are included as they represent a substitute good for chicken. Our model is specified as: ln(Q) = ß0+ß1*ln(Pred. Chick Price)+ß2*ln(Y)+ß3(CPI)+ß4(Beef