Question: Using the data in the table below, estimate the demand function for cod. Prices, dollar per pound Quantity, thousand pounds per day 1.90 1.5 1.35

Using the data in the table below, estimate the demand function for cod.


Prices, dollar per poundQuantity, thousand pounds per day
1.901.5
1.352.2
1.254.4
1.205.9
0.956.5
0.857.0
0.738.8


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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