PRICE = 55776.56 + 0.0154SQFT².The above is the estimated relationship between house price (PRICE) and its size (SQFT).What is the price elasticity with respect to SQFT, when SQFT = 5000, evaluated at the expected value of PRICE?Select one:O a.1.05Ob.1.75O c. 1.83O d. 1.92The correct answer is: 1.75How do i get 1.75?

Given PRICE^=55776.56+0.0154SQFT2

Answered: PRICE = 55776.56 + 0.0154SQFT². The…

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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PRICE = 55776.56 + 0.0154SQFT². The above is the estimated relationship between house price (PRICE) and its size (SQFT). What is the price elasticity with respect to SQFT, when SQFT = 5000, evaluated at the expected value of PRICE? Select one: в а. 1.05 O b. 1.75 о с. 1.83 O d. 1.92