mework $($Ch $04)$

b$.$ Exercise $4\mathrm{.}6$

The demand for haddock has been estimated as:

$log(Q)=a+$blog$(P)+$clog$(I)+$dlog$(P_m)$

where

$Q=$ quantity of haddock sold in New England

$P=$ price per pound of haddock

$I=$ a measure of personal income in the New England region

$P_m=$ an index of the price of meat

Suppose $b=-1\mathrm{.}957,c=0\mathrm{.}461,$ and $d=1\mathrm{.}909.$

What is the price elasticity of demand?

$1\mathrm{.}909$

$-4\mathrm{.}245$

$0\mathrm{.}461$

$-1\mathrm{.}957$

What is the income elasticity of demand?

$-1\mathrm{.}957$

$1\mathrm{.}909$

$0\mathrm{.}241$

$0\mathrm{.}461$

What is the cross price elasticity of demand?

Homework $($Ch $04)$

$6.$ Exercise $4\mathrm{.}6$

The demand for haddock has been estimated as:

$log(Q)=a+$blog$(P)+$clog$(I)+$dlog$(P_m)$

where

$Q=$ quantity of haddock sold in New England

$P=$ price per pound of haddock

$I=$ a measure of personal income in the New England region

$P_m=$ an index of the price of meat

Suppose $b=-1\mathrm{.}957,c=0\mathrm{.}461,$ and $d=1\mathrm{.}909.$

What is the price elasticity of demand?

$1\mathrm{.}909$

$-4\mathrm{.}245$

$0\mathrm{.}461$

$-1\mathrm{.}957$

What is the income elasticity of demand?

$-1\mathrm{.}957$

$1\mathrm{.}909$

$0\mathrm{.}241$

$0\mathrm{.}461$

What is the cross price elasticity of demand?