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{15 points) Suppose the demand for pumpkins in the U. S. is as follows: Q = 8.2 - 0.2Pp - 0.5Ps +2D + 0000? Where
{15 points) Suppose the demand for pumpkins in the U. S. is as follows: Q = 8.2 - 0.2Pp - 0.5Ps +2D + 0000\"? Where Pp is average price in dollars of a pumpkin [per pound], P5 is the average price of a pie shell. D is a variable which takes the value 1 when it is October or November {for Hallowe'en and Thanksgiving, popular times for pumpkin!) and takes the value 0 otherwise, and Y is disposable personal income. For each elasticity question, you may express as a fraction or a decimal. all h) 41) Pp = $2.00, P5 = $2.50, o=1, Y = $30,000 What is the demand equation foI pumpkin {per pound)? What is the own price elasticity of demand for a pumpkin [per pound]? What is the cross price elasticity of demand for a pumpkin {per pound], with respect to pie shells?I What is the income elasticity ofdemand for a pumpkin {per pound)? What is the demand equation for pumpkin {per pound) when it's not October or November T
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