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The following question refers to this regression equation. (Standard errors in parentheses)
Qd= 15 - 10 P + 1.5 Adv + 0.4 Px + 2 I
(5.23) (2.29) (0.525) (1.75) (1.5)
R^2 = 0.65
N = 120
F = 35.25
Standard error of Y estimate = 0.565
Qd = Quantity demanded
Consider the case when:
P = Price = 7
Adv = Advertising expense = 54
Px = price of competitor's good = 8
I = average monthly income = 4
a. Calculate the elasticity for each variable at that point and briefly comment on what information this gives you for each variable.
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