A linear industry demand function of the form:Q = a + bP + cM + dP_R, was estimated using regression analysis. The results of this estimation are as follows:

a 9.01

b -1.24

Nation?!) A linear industry demand function of the form: Q = a + bP + all + dPR, was estimated using regression analysis. The results of this estimation are as follows: Using the values P = $48, M = $62,450, and PR = $250, the estimate of the price elasticity of demand (EA) is (Hint: Compute the quantity demanded rst)