Price, dollars per pound Quantity, thousand pounds per day 1.90 1.35 1.25 1.20 0.95 0.85 0.73 1.5 22 4.4 5.9 6.5 70 8.8 Using the Excel trendine option to estimate a linear demand function, the linear demand function is Q- 12.53 -6.26p. Suppose the quantity in the first row of the table wore 3 instead of 1.5 The linear demand function would now be Question Viewer Q-D-Dp (Entor your responses rounded to two decimal places.) Suppose the quantity in the second row of the table were 3.2 instead of 22. The linear demand function would now be 2--p. (Enter your responses rounded to two decimal places.)
Price, dollars per pound Quantity, thousand pounds per day 1.90 1.35 1.25 1.20 0.95 0.85 0.73 1.5 22 4.4 5.9 6.5 70 8.8 Using the Excel trendine option to estimate a linear demand function, the linear demand function is Q- 12.53 -6.26p. Suppose the quantity in the first row of the table wore 3 instead of 1.5 The linear demand function would now be Question Viewer Q-D-Dp (Entor your responses rounded to two decimal places.) Suppose the quantity in the second row of the table were 3.2 instead of 22. The linear demand function would now be 2--p. (Enter your responses rounded to two decimal places.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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