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Note: I want the answers step by step The following Table includes information on the quantity supplied of a certain commodity and its price (X)
Note: I want the answers step by step
The following Table includes information on the quantity supplied of a certain commodity and its price (X) over eight-years period. Number of observations N 1 Price X 5 2 11 7 3 Quantity Y 12 14 10 13 17 12 11 15 4 8 5 6 11 7 6 7 8 9 a) Construct a scatter plot diagram and comment on the relationship between Y and X. b) Estimate the demand function: Y = bo + bX+u and comment on the values of the estimated coefficients. c) Forecast (predict) the level of supply if the price rises to $10Step by Step Solution
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