Question: help getting started demand function for hotdog at a regional restaurant chain: Q = 500 - 200 P H + 100 P C + 1.25

help getting started

demand function for hotdog at a regional restaurant chain:

Q = 500 - 200P_H + 100P_C + 1.25A + 1.5I

where Q is number of hamburgers sold per month (in 1,000s), P_M is the price of hamburgers, P_C is the price a competitor charges for hotdog, A is advertising expenditure during the previous month (in $1,000s), and I is per capita income in the surrounding community (in $1,000s). Suppose you have the following independent variable values:

P_M = $2.50P_C = $3.00A = $500I = $50

a)Use this demand function to project the level of hamburger demand - i.e., the projected level of Q (Show your calculations).

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