Estimated Demand Function:ln(Q) = -6.758 – 2.116ln(P) + 1.331ln(l) – 0.44ln(A) + 2.99ln(Psub) + 0.908ln(Pop)Suppose we decide to charge a per ounce price of $2, while at the same time our rival charges a price of $2.15. All else equal, what would you expect sales to be? How confident are you in your forecast? ### Descriptive Statistics of Various VariablesThe table below presents descriptive statistics for six different variables labeled as $Q$, $P$, $I$, $A$, $P_{\text{sub}}$, and $Pop$.#### Summary Statistics:- **Mean:** - $Q$: 34.822 - $P$: 1.990 - $I$: 29.040 - $A$: 4.631 - $P_{\text{sub}}$: 2.113 - $Pop$: 123.395- **Standard Error:** - $Q$: 1.353 - $P$: 0.016 - $I$: 0.444 - $A$: 0.187 - $P_{\text{sub}}$: 0.022 - $Pop$: 3.205- **Median:** - $Q$: 33.695 - $P$: 1.990 - $I$: 29.200 - $A$: 4.410 - $P_{\text{sub}}$: 2.085 - $Pop$: 122.800- **Standard Deviation:** - $Q$: 6.050 - $P$: 0.073 - $I$: 1.984 - $A$: 0.835 - $P_{\text{sub}}$: 0.098 - $Pop$: 14.335- **Sample Variance:** - $Q$: 36.602 - $P$: 0.005 - $I$: 3.935 - $A$: 0.697 - $P_{\text{sub}}$: 0.010 - $Pop$: 205.496#### Shape Characteristics:- **Kurtosis:** - $Q$: 0.340 - $P$: -1.323 - $I$: 1.368 - $A$: -0.554 - $P_{\text{sub}}$: 2.041 - \(Pop

Name: Estimated Demand Function:ln(Q) = -6.758 – 2.116ln(P) + 1.331ln(l) – 0
Uploaded: 2024-03-20T07:07:26.000Z
Channel: Bartleby
Description: Estimated Demand Function:ln(Q) = -6.758 – 2.116ln(P) + 1.331ln(l) – 0.44ln(A) + 2.99ln(Psub) + 0.908ln(Pop)Suppose we decide to charge a per ounce price of $2, while at the same time our rival charges a price of $2.15. All else equal, what would you