Suppose you have been provided with the following data on the weekly sales (Y) of a product
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Question:
Suppose you have been provided with the following data on the weekly sales (Y) of a product and its corresponding price (P) for a period of 10 weeks. Using econometric techniques, estimate the demand function of the product and provide an interpretation of the estimated coefficients.
Week | Sales (Y) | Price (P) |
---|---|---|
1 | 100 | 10 |
2 | 90 | 15 |
3 | 80 | 20 |
4 | 70 | 25 |
5 | 60 | 30 |
6 | 50 | 35 |
7 | 40 | 40 |
8 | 30 | 45 |
9 | 20 | 50 |
10 | 10 | 55 |
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