Question One The current economic environment in Ghana has seen the gradual call by Ghanaians to substitute made In Ghana products for imported goods. One of the staples that can easily be substituted for foreign goods is rice, You are the manager of Worawora Rice Mill, producers of Edwumawura Rice, To formalize your pricing decision and to take advantage of the increasing demand for your rice, you engaged the services of an economist to estimate the demand for Edwumawura rice. The demand for your rice was estimated as: Q = 148500 + 0.9Y - 1502 (0.669) (0.068) (0.070) R= = 0.980 Where: Y is the per capita real income of consumers and /' is the price of a bag of Edwumawura The values in Parentheses "( )" are the respective standard errors. Interpret the coefficients of price and income [3 Marks] Test the significance of the independent variables using a critical value of 2.0. [4 Marks] Does the estimated demand equation follow the law of demand? Explain. [2 Marks] iv. If price of a bag of rice is 350 cedis, and the per capita real income is 2000 cedis determine the quantity of rice that will be purchased. [2 Mark] If the per capita real income is 2000 cedis, find an expression for Marginal Revenue [2 Mark] VI. What price will maximize revenue using the Marginal revenue equation in (v), [2 Marks]