Purdue University provides monthly data on Florida electricity consumption online ( https://engineering.purdue.edu/LASCI/research-data/energy). In this case study, we want to use these data to estimate monthly residential and commercial electricity demands with respect to price, the average monthly temperature, and other variables. You can find attached an Excel file that contains the data and a pdf document that explains the variables in this dataset. You can also use the references in Resource to access these instruments.
1.- What are the main determinants of Florida’s monthly residential and commercial electricity demands? Use linear regressions in Excel to justify your arguments. Provide the estimated demand curves for residential and commercial consumption of energy in Florida. In your submission, provide your regression specification and Excel outputs and Explain whether the variables are statistically significant.
2.- What are Florida’s aggregate (residential and commercial) monthly demand determinants? If applicable, use linear regression in Excel to justify your arguments. Provide the estimated demand curve for the consumption of energy in Florida. if applicable, in your submission, provide your regression specification and Excel outputs and Explain whether the variables are statistically significant.
3.- How do residential and commercial consumers react to changes in the prices of electricity in Florida? Explain clearly your answers.
