Using the data in the table below, estimate the demand function for cod. Prices, dollar per pound
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Prices, dollar per pound | Quantity, thousand pounds per day |
1.90 | 1.5 |
1.35 | 2.2 |
1.25 | 4.4 |
1.20 | 5.9 |
0.95 | 6.5 |
0.85 | 7.0 |
0.73 | 8.8 |
Using the Excel trendline option to estimate a linear demand function, the linear demand function is Q =12.53 - 6.25 p
Suppose the quantity in the first row of the table was 3 instead of 1.5. The linear demand function would now be Q = _____
Suppose the quantity in the second row of the table was 3.7 instead of 2.2. The linear demand function would now be Q= _____
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