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An estimate of the demand function for household furniture produced the following results: F=0.0036 Y1.35R0.19P(−0.37)F=0.0036 Y1.35R0.19P−0.37 r2=0.996r2=0.996

An estimate of the demand function for household furniture produced the following results: F=0.0036 Y1.35R0.19P(−0.37)F=0.0036 Y1.35R0.19P−0.37 r2=0.996r2=0.996

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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An estimate of the demand function for household furniture produced the following results:
F=0.0036 Y1.35R0.19P(−0.37)F=0.0036 Y1.35R0.19P−0.37
r2=0.996r2=0.996
 
 
where
FF = furniture expenditures per household
YY = disposable personal income per household
RR = value of private residential construction per household
PP = ratio of the furniture price index to the consumer price index
The point price elasticity for household furniture is    , and the income elasticity is    .
 
According to the estimated model, a 10 percent increase in the value of private residential construction per household    the quantity demanded by    percent.
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