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In the Camry focus group analysis in the chapter, we used a regression to estimate the demand for Camrys. Using that equation, how many fewer
In the Camry focus group analysis in the chapter, we used a regression to estimate the demand for Camrys. Using that equation, how many fewer Camrys would the focus group buy if the price were increased by $5 thousand? How many Camrys would the focus group purchase if the price is $16 thousand? What is the elasticity of demand if the price is $16 thousand? Assume the estimated demand curve for Camrys is Q = 53.857 - 1.438p. If the price were increased by $5 thousand, then the quantity of Camrys would change by thousand. (Enter your response, in thousands, rounded to three decimal places and include a minus sign if necessary.) If the price were $16 thousand, then the quantity demanded would be thousand. (Enter your response, in thousands, rounded to three decimal places.) If the price were $16 thousand, then the elasticity of demand would be (Enter your response rounded to three decimal places and include a minus sign.)
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