Question: Your estimated linear demand function for Liquid Ozarka is (j = What percentage of the variation in sales of Liquid Ozarka is explained by your

Your estimated linear demand function for Liquid Ozarka is (j = What percentage of the variation in sales of Liquid Ozarka is explained by your estimated demand function? The marketing consultants describe a \"typical\" market as one in which the price of Liquid Ozarka is $3.50 per gallon, average household income is $45,000, the price of rival bottled water is $3 per gallon, and the population is 75,000. Answer the following questions for this \"typical\" market scenario. W'liat is the estimated elasticity of demand for Liquid Ozarka? Is demand elastic or inelastic? What would be the percentage change in price required to increase sales of Liquid Ozarka by 10 percent? 'What is the estimated income elasticity of demand? Is Liquid Ozarka a normal or inferior good? A 6 percent increase in average household income would be predicted to cause what percentage change in sales of Liquid Ozarka

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