Your friend owns a dry-cleaning shop in the neighbourhood. After completing this managerial economics class. you decided to put what you learnt in class into use. You estimated the following regression results for a logarithmic demand equation for your friend's shop: Longl = 0.95 - 0.6LoglP) + 0.9Lole) + 0.25Logch) [0.45) (0.15) (0.39] (0.18) Where Q is the number of shirts laundered per week, P is the price in dollars of a laundered shirt, Y is the per capita income in the local area, and Pc is the price charged by another dry cleaner two blocks away; the numbers in parentheses below the equation are standard errors for those coefficient estimates. The number of observations is 39 and R2 = 0.85. You are required to: (1] Interpret the demand equation and discuss the associated regression statistics. ls every coefficient estimate statistically significant for a 95% confidence level? How well does this equation fit the data? [2] Explain whether the demand is price-elastic or price-inelastic? How well does the demand respond to income