What is the expected change in demand

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Suppose "D" represents demand for a product and "p" represents price of the product. Suppose the following prediction equation for demand was found based on data:
??^= ????-1.25

"??" is some constant.

a) What is the interpretation of-1.25?

b) Suppose price were to change from $50 to $53, what is the expected change in demand? (Hint: Use the interpretation from part (a).)

Reference no: EM131410208

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