Price, dollars per pound 1.90 1.35 1.25 1.20 0.95 0.85 0.73 Using the Excel trendline option to estimate a linear demand function, the linear demand function is Q=12.53-6.25p. Suppose the quantity in the first row of the table were 2 instead of 1.5. The linear demand function would now be Quantity, thousand pounds per day 1.5 2.2 4.4 5.9 6.5 7.0 8.8 Q= =-p. (Enter your responses rounded to two decimal places.) Suppose the quantity in the second row of the table were 3.2 instead of 2.2. The linear demand function would now be Q= =-p. (Enter your responses rounded to two decimal places.)

Price, dollars per pound 1.90 1.35 1.25 1.20 0.95 0.85 0.73 Using the Excel trendline option to estimate a linear demand function, the linear demand function is Q=12.53-6.25p. Suppose the quantity in the first row of the table were 2 instead of 1.5. The linear demand function would now be Quantity, thousand pounds per day 1.5 2.2 4.4 5.9 6.5 7.0 8.8 Q= =-p. (Enter your responses rounded to two decimal places.) Suppose the quantity in the second row of the table were 3.2 instead of 2.2. The linear demand function would now be Q= =-p. (Enter your responses rounded to two decimal places.)

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...

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