Stats Solutions

(See Steps) Consider the following demand function: Q=-819.6692-688.5944P_b+1,972.3945P_c+18.3099A For P_b=1.37,P_c=1.42, A=3.86, find the predicted demand

Question: Consider the following demand function:

\[Q=-819.6692-688.5944{{P}_{b}}+1,972.3945{{P}_{c}}+18.3099A\]

For \({{P}_{b}}=1.37,{{P}_{c}}=1.42,\,A=3.86\), find the predicted demand and find the price elasticity of demand, the cross-price elasticity, and the elasticity of the advertising expenditure.

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