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The following data refer to the quantity sold of good Y (measured in kg), and the price of that good X (measured in pence

 

The following data refer to the quantity sold of good Y (measured in kg), and the price of that good X (measured in pence per kg), for 10 different market locations: Y: 198 181 170 179 163 145 167 203 251 147 X: 23 24.5 24 27.2 27 24.4 24.7 22.1 21 25 (a) Assuming a linear relationship between the two variables, obtain the OLS estimators of a and B. (b) On a scatter diagram of the data, draw your OLS sample regression line. (c) Estimate the elasticity of demand for this good at the point of the sample means (that is when Y = Y and X = X).

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