Question: Using the data in Table 3.1, estimate the cod demand function if we use only the first seven observations. Price, dollars per pound Quantity, thousand
Using the data in Table 3.1, estimate the cod demand function if we use only the first seven observations.
Price, dollars per pound Quantity, thousand pounds per day
1.90………………………………………………………………………………………… 1.5
1.35………………………………………………………………………………………… 2.2
1.25………………………………………………………………………………………… 4.4
1.20………………………………………………………………………………………… 5.9
0.95………………………………………………………………………………………… 6.5
0.85………………………………………………………………………………………… 7.0
0.73………………………………………………………………………………………… 8.8
0.25………………………………………………………………………………………… 10.1
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