Reference no: EM131651789
The total demand ( in barrels) for Anheuser- Busch beer per county in the US has been estimated to relate to the average price of Anheuser-Busch beer( Pa) the average price of Coors ( Pc) and Miller( Pm) beers , county population ( Pop), and county per capita income ( Income) in $/person, as follows:
Qa= -65961 -732.6Pa + 345.2Pc + 597.4Pm + 0.45Pop + 1.6Income
Consider a county where the average price for Anheuser-Busch beer(Pa) is $180, the average price for Coors (Pc) is $ 160, and for Miller( Pm) it is $155 ( all prices in dollars per barrel). In this county total population (Pop) is 100,000 and annual per capital income (Income) is $25,000. The annual quantity of Anheuser-Busch beer sold in this county (Qa) is 35,000 barrels. At these prevailing prices and quantities, which is true?
a. The own-price elasticity of demand for Anheuser-Busch beer is -732.6
b. The cross-elasticity of demand for Anheuser-Busch beer with respect to colors beer is 1.58
c. Miller beer and Anhueser-Busch beer are complements
d. None of the above are true
e. Choices (a), (b), and (c) are all true
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