Question: Using the data in the table below, estimate the demand function for cod. Price, dollars 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.

Price, dollars 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

Qequals=12.53 minus 6.25 p12.536.25p.

Suppose the quantity in the first row of the table were

22

instead of 1.5.

The linear demand function would now be

Qequals=nothingminusnothingp.

(Enter your responses rounded to two decimal places.)

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