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

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

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