a) A linear industry demand function of the firm's product was estimated using regression analysis. The results of this estimation are as follows: Q = a + bX where X is product's own price. The team will use the results of the model only at confidence level = 90.00 %. Questions: (3) a) What do the parameter estimates mean as given in output table in terms of their value and sign? b) What is the interpretation of R2 value given in output table? c) Why don't you see multiple R2 in this table? d) What is the meaning of standard error of X here? e) How is the t-statistic for X used ?

DEPENDENT VARIABLE Y R-SQUARE F-RATIO P-VALUE ON F OBSERVATION 10 0.5223 8.74 0.0187 VARIABLE PARAMETERESTIMATED STNDARD ERROR T-RATIO P-VALUE INTERCEPT 800 189.125 4.23 0.0029 X -2.50 0.850 -2.94 0.0187