Assume Demand equation of a product as Q = 70 -10 P + 4Pr + 50 I
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Question:
Assume Demand equation of a product as Q = 70 -10 P + 4Pr + 50 I
Where
Q = quantity of the product demanded, P = Price of the product (in $),
Pr = Price of the related product (in $) and I = Per capita income (in ‘000)
State the key steps for analyzing the above demand equation and calculate the regression results.
- What are the implications of the above regression analysis for management decisions?
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