Question: a) Estimate the linear demand function with Q as the dependent variable and Price as the independent variable. Comment fully on the results and discuss


a) Estimate the linear demand function with Q as the dependent variable and Price as the independent variable. Comment fully on the results and discuss the identification problem. Estimate the linear demand function with Q as the dependent variable and Price, Tuition, Price of Soft Drinks, as the independent variables. Comment fully on the results. b) Take the natural logarithm of all the variables and estimate the new demand function. Comment fully on the results. What is the value of the price elasticity of demand? What is the value of the cross-price elasticity of demand? a) Estimate the linear demand function with Q as the dependent variable and Price as the independent variable. Comment fully on the results and discuss the identification problem. Estimate the linear demand function with Q as the dependent variable and Price, Tuition, Price of Soft Drinks, as the independent variables. Comment fully on the results. b) Take the natural logarithm of all the variables and estimate the new demand function. Comment fully on the results. What is the value of the price elasticity of demand? What is the value of the cross-price elasticity of demand
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