Help - new to stats - extra credit

Hi I am a high school student and my math teacher is offering extra credit if anyone can complete this assignment.
Assignment:

1. Consider the market for almonds. Assume that quantity supplied
is a linear function of price and yield/acre, and that quantity demanded
is a linear function of price and time. (Why time? Because almonds have
been increasing in popularity over the last 20 years or so.) Write down
structural equations for the supply-and-demand model, and then solve
the system of equations to get equilibrium equations. Use the
equilibrium equations to decide how to use yield/acre as an
instrumental variable, in order to estimate the effect of price on
quantity demanded (i.e., the slope of the demand curve).

(Hint: You'll find P* as a function of time and yield/acre, and
also Q* as a function of time and yield/acre. If this is too difficult,
leave out the time variable and solve the system of equations that way.)

2. Input the data from below into Excel. Then run two regressions
based on your results from part 1, and use an IV estimator to estimate
the effect of price on quantity demanded.


Data Source: U.S. Department of Agriculture.
Output = millions of pounds of almonds produced
Price = cents per pound
Time = years since 1980
Yieldpa = yield per acre, in pounds of almonds


Year Output Price time Yieldpa
1980 322 147 0 985
1981 408 78 1 1250
1982 347 94 2 1020
1983 242 104 3 672
1984 590 77 4 1550
1985 465 80 5 1140
1986 250 192 6 601
1987 660 100 7 1580
1988 590 105 8 1410
1989 490 102 9 1190
1990 660 93 10 1610
1991 490 119 11 1210
1992 548 130 12 1370
1993 490 194 13 1190
1994 735 134 14 1700
1995 370 248 15 885
1996 510 208 16 1190
1997 759 156 17 1720
1998 520 141 18 1130
1999 833 86 19 1720
2000 703 97 20 1380
2001 830 91 21 1570
2002 1090 111 22 2000
2003 1040 157 23 1890
2004 1010 221 24 1840



If anyone could help that would be greatly appreciated
Kind Regards,

Carlitos Way
(my e-mail is BRUISER054@xxxxxxx)
.

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