Interpreting Multivariate Demand

Name Due Analyze the demand function for Cuisine Tech Inc.'s (CTI) deluxe microwave ovens given on page 170 of the text. Please also read "What is a Symbol" located in the folder with this assignment. This function is: Qu = 60000 - 40PH + 20Pc + 5H + .1In +.0001An 1. Characterize this function by circling all in the following list that are applicable: univariate, bivariate, multivariate, linear, exponential, logarithmic, curvilinear, 1" degree, 2nd degree, 3d degree, additive, multiplicative, linearly homogeneous 2. What is the numerical value of the partial derivative of the function with respect to the number of two-income households (H) (be sure to also include the + or - sign; the value is already expressed in millions. Note: I do not want the symbol for this partial derivative)? 3. Write the mathematical symbol representing the coefficient of the price of competing-brand (Pc) ovens. (the derivative). numerical value of this coefficient is +20, but the answer you give is to be the symbol representing this partial 4. Assuming there is a $1 increase in the price (Pc) competing-brand ovens, what change in CTI's demand will result (give the numerical value, too)? 5. Assuming the number of two-income households (H, in millions) employed increases by 10, what change in CTI's demand will result (give the numerical value, too)? 6. Explain in words what the intercept (which is 60000) includes (or does not include). 7. Are CTI ovens normal or inferior goods? What feature of the function tells you? 8. Assuming your advertising budget (A) is cut by $600000, what change in CTI's demand will result (give the numerical value, too)? 9. Assuming your competition announces a price increase (Pc) of $150 for each of its microwave ovens. what change in CTI demand is indicated (give the numerical value of it, too)? 10. Data indicates that the average annual family income (In) of families thought to be your customers increased by $1000, what change in CTI's demand will result (give the numerical value, too)