Use the following data to answer the questions below. P.. Q $4.80 .. 1170 $4.53 .. 1235
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Question:
Use the following data to answer the questions below.
P……………………….. Q
$4.80 ……………….. 1170
$4.53 ……………….. 1235
$3.98 ……………….. 1337
$3.72………………... 1442
$3.49………………… 1548
Using OLS, the estimated inverse demand function (P=f(Q))(P=f(Q)) is
Select one:
a. P = 8.85−0.004QP = 8.85−0.004Q
b. Q = 2509.48−283.4PQ = 2509.48−283.4P
c. Q = 16.73−9.02PQ = 16.73−9.02P
d. P = 0.530+0.0004QP = 0.530+0.0004Q
Related Book For
Personal Finance Turning Money into Wealth
ISBN: 978-0133856439
7th edition
Authors: Arthur J. Keown
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