Price, dollars per pound Quantity, thousand pounds per day 1.90 1.35 1.5 2.2 1.25 1.20 0.95 4.4 5.9 6.5 0.85 0.73 7.0 8.8 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 3 instead of 1.5. The linear demand function would now be 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 Quantity, thousand pounds per day 1.90 1.35 1.5 2.2 1.25 1.20 0.95 4.4 5.9 6.5 0.85 0.73 7.0 8.8 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 3 instead of 1.5. The linear demand function would now be 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.)

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section: Chapter Questions

Problem 2QP: For each of the following, identify where demand is elastic, inelastic, perfectly elastic, perfectly...

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