Answer all the parts otherwise skip.... a. Discuss whether you think these regressionresults will generate good sales estimates forB.U. LLC, rap. Now assume that the income is$35,000, the price of the related good is $17,and B.U. chooses to set the price of its productat $15.b. What is the estimated number of units soldgiven the data above? (round to nearest unit; nodecimals)c. What are the values for the own-price,income, and cross-price elasticities?d. If P increases by 4%, what would happen (inpercentage terms) to quantity demanded?e. If M increases by 3%, what would happen (inpercentage terms) to quantity demanded?f. If R decreases by 5%, what would happen (inpercentage terms) to quantity demanded? Bob'd Underground, limited liability corporationspecializing in new rap artists (B.U.LLC,rap) hasthe following demand function:= a + bp + CM +dRwhere is the quantity demanded of the mostpopular product B.U. sells, P is the price of thatproduct, M is income, and R is the price of arelated product. The regression results are:Adjusted RSquareIndependentVariablesInterceptPMR0.7711Coefficients-25.995-4.5820.00633.09StandardError69.3061.4630.0021.219t Stat P-value-0.375 0.71008-3.133 0.003693.948 0.000402.531 0.01648

Answered: Image /qna-images/answer/08934dde-afa0-42d4-8cb8-4ac297c3a5d1.jpg

a. Discuss whether you think these regression results will generate good sales estimates for B.U. LLC, rap. Now assume that the income is $35,000, the price of the related good is $17, and B.U. chooses to set the price of its product at $15. b. What is the estimated number of units sold given the data above? (round to nearest unit; no decimals) c. What are the values for the own-price, income, and cross-price elasticities?

a. Discuss whether you think these regression results will generate good sales estimates for B.U. LLC, rap. Now assume that the income is $35,000, the price of the related good is $17, and B.U. chooses to set the price of its product at $15. b. What is the estimated number of units sold given the data above? (round to nearest unit; no decimals) c. What are the values for the own-price, income, and cross-price elasticities?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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