If a demand function for a particular product is Q= 60- 3P, and the variable cost is $2 per unit. What is the price at which the profit will be maximized?

Group of answer choices

$12

$11.66

$12.66

$11

R square 0.366248

Regression significance F 0.00469432

Intercept 19178.89 coke -2436.78

P- value for both respectively 1.6E- 08

0.004694

The above is an output from a regression analysis where the dependent variable is quantity and the independent variable is price of Coke. We obviously have access to the data where there are 20 observations of price and corresponding quantity sold. With this information, how can we compute price elasticity.

Group of answer choices

It is not possible to compute price elasticity from the given data and output

Multiply the coefficient of intercept with average price and then divide by average quantity

Multiply the coefficient of Coke price with average price and then divide by average quantity

Multiply the coefficient of Coke price with average quantity and then divide by average price