An economist is modelling the supply response of a crop with time series data….

Assignment: (use STATA)
An economist is modelling the supply response of a crop with time series data. She models data on the area of crop planted (A in thousands of hectares) as a function of own price (P1 in $/tonne) and the price (P2 in $/tonne) of the one major alternative crop that farmers can grow, and a stochastic error term: A=f(P1,P2,u)

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area,p1,p2,year
68,65,950,1970
45,69,945,1971
70,72,957,1972
29,73,970,1973
71,108,940,1974
42,94,930,1975
90,107,970,1976
72,110,1004,1977
57,146,1102,1978
44,132,931,1979
61,171,816,1980
42,186,988,1981
26,174,888,1982
88,182,805,1983
80,183,1257,1984
125,208,1072,1985
232,239,884,1986
125,237,1005,1987
99,246,1114,1988
240,240,630,1989
81,297,1446,1990
111,269,1006,1991
162,297,1289,1992
143,333,903,1993
138,319,1119,1994
230,347,963,1995
128,343,1062,1996
87,357,1185,1997
124,388,1348,1998
97,391,974,1999
152,414,1023,2000
197,421,1192,2001
220,441,1075,2002
171,448,1243,2003
200,458,1253,2004
205,460,1270,2005
215,470,1290,2006

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