Question
The following is an estimated supply regression for sugar :Y = 0.025 + 1.5X, where Y is supply in kilos and X is price (Rs.)
The following is an estimated supply regression for sugar :Y = 0.025 + 1.5X, where Y is supply in kilos and X is price (Rs.) per kilo,
(i)Interpret the coefficient of variable X(ii) Predict the supply when price is Rs. 20 per kilo
(ii)Given that r(x , y) =1 in the above case, interpret the implied relationship between price and quantity supplied
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Advanced Engineering Mathematics
Authors: ERWIN KREYSZIG
9th Edition
0471488852, 978-0471488859
