Stats Solutions

(Step-by-Step) Significance of Coefficients Using estimated demand function QD = 15 - 2.4 P SE (4.5) (1.1) [the numbers in the parentheses are the standard errors

Question: Significance of Coefficients

Using estimated demand function

QD = 15 - 2.4 P

SE (4.5) (1.1)

[the numbers in the parentheses are the standard errors of the two estimates respectively]

Determine significance of coefficients and compute elasticity (average price = 10, average quantity = 20). Discuss the meaning of the elasticity coefficient.

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