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Based on estimates below, write an equation that summarizes the demand for the firm's product, and answer the following questions: SUMMARY OUTPUT Regression Statistics Multiple
Based on estimates below, write an equation that summarizes the demand for the firm's product, and answer the following questions: SUMMARY OUTPUT Regression Statistics Multiple R 0,99960645 R Square 0,99921305 Adjusted R S 0,99881957 Standard Err 0,22371874 Observations 10 ANOVA of SS MS F Significance F Regression 3 381,2996996 127,0999 2539,45481 1,0658E-09 Residual 0,30030044 0,05005007 Total 381,6 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95,0% Upper 95,0% Intercept 64,8593997 14,03659308 4,62073662 0,00361257 30,5130938 99,2057057 30,5130938 99,2057057 Own price -0,2862877 0,096182918 -2,9764918 0,0247487 -0,5216388 -0,0509365 -0,5216388 -0,0509365 Income 1,43427938 0,151362644 9,47578177 7,867E-05 1,06390833 1,80465043 1,06390833 1,80465043 Other price -2,2296182 0,371785181 -5,9970604 0,00096702 -3,1393437 -1,3198926 6-3,1393437 -1,3198926 a. Comment on how well the regression line fits the data. b. If P=30, and M=43, determine the own price, income, and othe price elasticity of demand, and state whether demand is elastic, inelastic, or unitary elastic. c. Show the quantity and price that maximizes revenue
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