Suppose you have been provided with the following data on the weekly sales (Y) of a product and its corresponding price (P) for a period of 10 weeks. Using econometric techniques, estimate the demand function of the product and provide an interpretation of the estimated coefficients.

Week	Sales (Y)	Price (P)
1	100	10
2	90	15
3	80	20
4	70	25
5	60	30
6	50	35
7	40	40
8	30	45
9	20	50
10	10	55

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Let us assume the demand function for the product is given by Y 0 1P Where Y is the weekly sales of the product P is the price of the produ... View the full answer