Quantity demanded of the product conlan enterprises

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Reference no: EM131281002

Conlan Enterprises has the following demand function:

where Q is the quantity demanded of the product Conlan Enterprises sells, P is the price of that product, M is income, and PR is the price of a related product. The regression results are:

DEPENDENT VARIABLE:

Q

R-SQUARE

F-RATIO

P-VALUE ON F

OBSERVATIONS:

32

0.7984

36.14

0.0001

VARIABLE


PARAMETER ESTIMATE

STANDARD ERROR

T-RATIO

P-VALUE

INTERCEPT


846.30

76.70

11.03

0.0001

P


-8.60

2.60

-3.31

0.0026

M


0.0184

0.0048

3.83

0.0007

PR


-4.3075

1.230

-3.50

0.0016

What are the values for the own-price, income, and cross-price elasticities?

Reference no: EM131281002

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