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Please help resolving by showing work Consider the following equation. Q = 8,400 - 10 P + 5 A + 4 Px + 0.05 I,
Please help resolving by showing work
Consider the following equation.
Q = 8,400 - 10 P + 5 A + 4 Px + 0.05 I, (1,732) (2.29) (1.36) (1.75) 0.15)
R2= 0.65
N = 120
F = 35.25
Standard error of estimate = 34.3
Q = Quantity demanded
P = Price = 1,000
A = Advertising expenditures, in thousands = 40
PX= price of competitor's good = 800
I = average monthly income = 4,000
a) Calculate the elasticity for each variable and briefly comment on what information this gives you in each case.
b) Calculate t-statistics for each variable and explain what this tells you.
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