Estimated Demand Function:ln(Q) = -6.758 – 2.116ln(P) + 1.331ln(l) – 0.44ln(A) + 2.99ln(Psub) + 0.908ln(Pop)How sensitive are our consumers to changes in the rival good’s price? Explain in detail. QAPsubРopMean34.8221.99029.0404.6312.113123.395Standard Error1.3530.0160.4440.1870.0223.205Median33.6951.99029.2004.4102.085122.800Standard Deviation6.0500.0731.9840.8350.09814.335Sample Variance36.6020.0053.9350.6970.010205.496Kurtosis0.340-1.3231.368-0.5542.041-0.743Skewness-0.0090.000-0.8820.3971.1200.089Range24.90.28.63.040.4151.4Minimum20.841.8923.83.391.9898.7Maximum45.742.0932.46.432.39150.1Sum696.4439.8580.892.6142.252467.9Count202020202020Correlation with Q1.000.20-0.240.710.690.40

Linear regression analysis is an approach to analyze relationships among two variables or more…

Estimated Demand Function:ln(Q) = -6.758 – 2.116ln(P) + 1.331ln(l) – 0.44ln(A) + 2.99ln(Psub) + 0.908ln(Pop) How sensitive are our consumers to changes in the rival good’s price? Explain in detail.

Estimated Demand Function:ln(Q) = -6.758 – 2.116ln(P) + 1.331ln(l) – 0.44ln(A) + 2.99ln(Psub) + 0.908ln(Pop) How sensitive are our consumers to changes in the rival good’s price? Explain in detail.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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