Question: Suppose D represents demand for a product and p represents price of the product. Suppose the following prediction equation for demand was found based on

Suppose D represents demand for a product and p

Suppose D represents demand for a product and p represents price of the product. Suppose the following prediction equation for demand was found based on data: = ap-2.5 "a" is some constant. a) What is the interpretation of -2.5? b) Suppose price were to change from $50 to $52, what is the expected change (in %) in demand? c) Suppose you find the best fitting model for demand to be = 450000p-2.5. If the price is $52, then what is the predicted demand

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