Question: [11]} Please use the attached worksheet to estimate the demand for Product A and answer the questions below. A} Please estimate the demand function for
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[11]} Please use the attached worksheet to estimate the demand for Product A and answer the questions below. A} Please estimate the demand function for Product A as a function ofall variables shown above and write down the full equation for the Function. Use linear regression {use the variables as presented and you may drop off insignicant variables}. E} \"that is the eoooomic reason for considering these other factors why not simply use price? Feel free to use visuals to oommunicate your point. C} What is the price elasticity of demand for Product A? Predict the effect on revenue if price went up by 15%. [Use the regression to answer the rst part}. D} What is the cross-price elasticity of Product A with respect to Product B? Is income an important driver of product A demand 5: E} \"Fhat will be reduced demand Function for Product A [eliminate all other variables besides price and quantity of product A by using coefficients estimated and averages}. What is the intuition in this reduction? F} Now, ifthe Supply function is: Ps= 1+D.25? Qs where Qs is the supply of Product A, what is the market clearing quantity and price in the product A market ?
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