You obtained the above coefficients in your regression on Soap Detergent. Variables 1-4 are as follows: Price of Detergent, Competitor's Price, Advertising, and Money income. The mean value of the variables are P=127, Price of Competitor= 87, Advertising-870 and Income is $46,788. A. Derive the firms demand, inverse demand, and Marginal Revenue equations.
You obtained the above coefficients in your regression on Soap Detergent. Variables 1-4 are as follows: Price of Detergent, Competitor's Price, Advertising, and Money income. The mean value of the variables are P=127, Price of Competitor= 87, Advertising-870 and Income is $46,788. A. Derive the firms demand, inverse demand, and Marginal Revenue equations.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Economic
These are three sub parts of main question
![Intercept
X Variable 1
X Variable 2
X Variable 3
X Variable 4.
Coefficients
825.323
-5.03159
4.772655
0.326108
0.00854
You obtained the above coefficients in your regression on Soap Detergent. Variables 1-4 are as follows:
Price of Detergent, Competitor's Price, Advertising, and Money income. The mean value of the variables
are P=127, Price of Competitor= 87, Advertising-870 and Income is $46,788.
A. Derive the firms demand, inverse demand, and Marginal Revenue equations.
B. What is the optimal quantity of detergent, price and Total Revenue?
C. Draw a Chart representing your findings.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F01d01b29-ede7-42ba-8dcd-8c0b18e94cc8%2Ff1273069-235d-4538-a95c-13018be2e66d%2Funxvgm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Intercept
X Variable 1
X Variable 2
X Variable 3
X Variable 4.
Coefficients
825.323
-5.03159
4.772655
0.326108
0.00854
You obtained the above coefficients in your regression on Soap Detergent. Variables 1-4 are as follows:
Price of Detergent, Competitor's Price, Advertising, and Money income. The mean value of the variables
are P=127, Price of Competitor= 87, Advertising-870 and Income is $46,788.
A. Derive the firms demand, inverse demand, and Marginal Revenue equations.
B. What is the optimal quantity of detergent, price and Total Revenue?
C. Draw a Chart representing your findings.
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