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Suppose that budding economist Buck measures the inverse demand curve for toffee as P=$100-Qd, and the inverse supply curve as P=Qs. Buck's economist friend, Sally, likes to measure everything in cents. She measures the inverse demand function as P=10,000-100Qd, and the inverse supply curve as P=100Qs.
A) Find the slope of the inverse demand curve, and complete the price elasticity of demand at the market equilibrium using Buck's measurements.
B) Find the slope of the inverse demand curve, and complete the price elasticity of demand at the market equilibrium using Sally's measurements.
C) Does the slope depend on whose measurements are used?
D) Does the elasticity depend on whose measurements are used?
E) Explain why your answers to parts c and d are the same (or different).
Describe how you would correct for it within the regression equation. What transformation would you apply to the data to account for the trend?
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