Calculate the quantity demanded of product

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Reference no: EM133080410

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.

Reference no: EM133080410

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