Using the data in the table below, estimate the demand function for cod. Price, dollars per pound 1.90 1.35 1.25 1.20 0.95 0.85 0.73 Using the Excel trendline option to estimate a linear demand function, the linear demand function is Q=12.53-6.25p. Suppose the quantity in the first row of the table were 2 instead of 1.5. The linear demand function would now be Q 11.75 - 5.86 p. (Enter your responses rounded to two decimal places.) Suppose the quantity in the second row of the table were 3.2 instead of 2.2. The linear demand function would now be Quantity, thousand pounds per day 1.5 2.2 4.4 5.9 6.5 7.0 8.8 Q= p. (Enter your responses rounded to two decimal places.)
Using the data in the table below, estimate the demand function for cod. Price, dollars per pound 1.90 1.35 1.25 1.20 0.95 0.85 0.73 Using the Excel trendline option to estimate a linear demand function, the linear demand function is Q=12.53-6.25p. Suppose the quantity in the first row of the table were 2 instead of 1.5. The linear demand function would now be Q 11.75 - 5.86 p. (Enter your responses rounded to two decimal places.) Suppose the quantity in the second row of the table were 3.2 instead of 2.2. The linear demand function would now be Quantity, thousand pounds per day 1.5 2.2 4.4 5.9 6.5 7.0 8.8 Q= p. (Enter your responses rounded to two decimal places.)
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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Transcribed Image Text:Using the data in the table below, estimate the demand function for cod.
Price, dollars per pound
1.90
1.35
1.25
1.20
0.95
0.85
0.73
Using the Excel trendline option to estimate a linear demand function, the linear demand function is
Q = 12.53-6.25p.
Suppose the quantity in the first row of the table were 2 instead of 1.5.
The linear demand function would now be
Quantity, thousand pounds per day
1.5
2.2
4.4
5.9
6.5
7.0
8.8
Q = 11.75 5.86 p. (Enter your responses rounded to two decimal places.)
Suppose the quantity in the second row of the table were 3.2 instead of 2.2.
The linear demand function would now be
Q=
·P
p. (Enter your responses rounded to two decimal places.)
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