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12. The estimated demand function of Martabak Power in 12 cities in Peninsular Malaysia is shown below, where Qmp is consumption of Martabak Power (thousand
12. The estimated demand function of Martabak Power in 12 cities in Peninsular Malaysia is shown below, where Qmp is consumption of Martabak Power (thousand per week), Pmp is the price of Martabak Power (RM), Y is income per capita (in RM1000), Pms is the price of Martabak Special (RM) Regression Statistics Multiple R 0.997981476 R Square 0.995967026 Adjusted R Square 0.994454661 Standard Error 1.342473567 Observations 12 ANOVA df SS MS F Significance F Regression 3560.582118 1186.860706 658.5492584 6.49981E-10 Residual 3 00 w 14.41788223 1.802235278 Total 3575 Coefficients Standard Error t Stat P-value Intercept 176.2709346 45.28993704 3.892055192 0.004595876 Pmp 106.6900774 15.52316904 -6.872957264 0.000127978 Pms 12.15559157 20.97372876 0.579562734 0.578161016 4.565099946 1.806029906 2.527698977 0.035381988 DESCRIPTIVE STATISTICS Qmp Pmp Pms Y Mean 77.5 Mean 1.35 Mean 1.5 Mean 14.075 SE 5.204 SE 0.032 SE 0.041 SE 0.302 Median 77.5 Median 1.35 Median 1.575 Median 14 Based on the estimated demand function: a. Calculate own-price, cross-price, and income elasticities based on the mean values of the variables. b. Is the price elasticity of Martabak Power elastic or inelastic? c. What happen with the consumption of Martabak Power if the price increase by 10%? d. Is Martabak Power a normal good? e. Is Martabak power an inferior, superior, or luxurious good? What happen to the consumption if income increase by 4.5%? f. Is Martabak Special a substitute or complementary good? If the price of Martabak Special increase by 7%, what is the effect on the consumption of Martabak Power
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