Answered: An estimate of the demand function for…

An estimate of the demand function for household furniture produced the following results: F=0.0036 Y1.35R0.19P(−0.37)F=0.0036 Y1.35R0.19P−0.37 r2=0.996r2=0.996

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter3: Functions

Section3.3: Rates Of Change And Behavior Of Graphs

Problem 3SE: How are the absolute maximum and minimum similar to and different from the local extrema?

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Question

An estimate of the demand function for household furniture produced the following results:

F=0.0036 Y1.35R0.19P(−0.37)F=0.0036 Y1.35R0.19P−0.37

r2=0.996r2=0.996

where

FF = furniture expenditures per household

YY = disposable personal income per household

RR = value of private residential construction per household

PP = ratio of the furniture price index to the consumer price index

The point price elasticity for household furniture is , and the income elasticity is .

According to the estimated model, a 10 percent increase in the value of private residential construction per household the quantity demanded by percent.

Expression, rule, or law that gives the relationship between an independent variable and dependent variable. Some important types of functions are injective function, surjective function, polynomial function, and inverse function.

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