Consider the data in the file Chicken.xls. The data can be used to construct a demand function for chicken based on US time-series data. The variables in the file are in order: (1) the year (YEAR); (2) per capita chicken consumption (pounds) (CONS); (3) price of chicken (cents per pound) (PC); (4) price of beef (cents per pound) (PB); (5) per capita disposal income (hundreds of dollars) (YD); and the US CPI. Estimate the models
        CONS = f (PC, PB, YD)
        CONS = f (RPC, RPB, RYD) where "R" denotes "real value"
        CONS = f (PC/PB, RYD)

Interpret the results.

Also, in the data file the money variables are nominal. This is not usually good practice if the dependent variable is real (which it is in this case). See chicken2.xls. The variables are the same as in chicken.xls, except that there is an additional variable (last column) which is the US CPI.
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