4. Your company, which specializes in porcine hygiene products (HogWash), has the following demand function: Q=a+bP+cM+dR where Q is the quantity demanded of HogWashs' most popular soap for pigs P 13 the price of that product M15 consumer income and R is the price of a related product The regression results are: T I : I : :Adjusted R Square 0.8300 i i i i independent Variables Coefcients: : Standard Errar t5tat P-valae . Itpt ______ 1 9___2_2_-_29_: 6706 ______ 1 5.929: ______ s Jessi JET ______________________________________________________________ : 9.1%}. _______________________ 2.:l?__i_____:fl:li ______________ 0000, M00053 _____________________ 9.1991_i_____::2' ______________ 0001* R 2.15 0.959: 2. 233: 0.032 a. Discuss whether you think these regression results will generate good sales estimates for HogWash. Now assume that the income is $58,717, the price of the related good is $9.35, and HogWash chooses to set the price of its product at $12.75. What is the estimated number of units sold given the data above? (round to nearest unit; no decimals) What are the values for the own-price, income, and cross-price elasticities? It"? increases by 5%, what would happen (in percentage terms} to quantity demanded? IfM increases by 3%, what would happen (in percentage terms) to quantity demanded? IfR decreases by 4%, what would happen (in percentage terms) to quantity demanded? Hen-.99