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You have conducted market research and run a regression on your product. Quantity Demanded is the Dependent Variable. The two independent variables are Price and Income. You have obtained these regression results, similar to what you saw in the videos.
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.81237123
R Square 0.806724844
Adjusted R Square 0.766587267
Standard Error 12.132546124
Observations 60
Coefficients Standard Error t Stat P-value Lower 95% Upper 95%
Intercept 58.1179 36.0318 3.5745 0.0117 40.6292 216.962
Price -1.22813 0.24733 -2.8958 0.01067 -1.6386 0.2079
Income 0.32076 0.20739 2.2201 0.01073 -0.1150 0.8998
Rounding your intercept to a whole number, and the coefficients to one decimal place, answer this question: Assume the price you're charging is $30 and incomes in your market are 100,000 (which just enters as "100" as we've been doing all semester.) Calculate the quantity demanded of your product and use that to tell me which of the following comes closest to the point elasticity of demand.
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