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Important information about Calculating elasticity for each of the given variables
The following questions refer to this regression equation. (Standard errors in parentheses.)QD = 15,000 - 10 P + 1500 A + 4 PX + 2 I, (5,234) (2.29) (525) (1.75) (1.5)R2 = 0.65N = 120F = 35.25Standard error of Y estimate = 565Q = Quantity demandedP = Price = 7,000A = Advertising expense, in thousands = 54PX = price of competitor's product = 8,000I = average monthly income = 4,000
Calculate the elasticity for each variable and briefly comment on what information this gives you in each case.
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