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.)

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Price, dollars per pound
Quantity, thousand pounds per day
1.90
1.5
22
44
5.9
1.35
1.25
1.20
0.95
0.85
0.73
6.5
7.0
8.8
Using the Excel trendline option to estimate a linear demand function, the linear demand function is
Q- 12.53 -6.250.
Suppose the quantity in the first row of the table were 3 instead of 1.5
The linear demand function would now be
Question Viewer
Q--D (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
Q--p. (Enter your responses rounded to two decimal places)
Transcribed Image Text:Price, dollars per pound Quantity, thousand pounds per day 1.90 1.5 22 44 5.9 1.35 1.25 1.20 0.95 0.85 0.73 6.5 7.0 8.8 Using the Excel trendline option to estimate a linear demand function, the linear demand function is Q- 12.53 -6.250. Suppose the quantity in the first row of the table were 3 instead of 1.5 The linear demand function would now be Question Viewer Q--D (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 Q--p. (Enter your responses rounded to two decimal places)
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