Determine the point price and income elasticities for house

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Reference no: EM13247367

An estimate of the demand function for household furniture produced the following results:

F = 0.0036Y¹•°8R°•¹6P?°•48 r² = 0.996
Where F = furniture expenditures per household
Y = disposable personal income per household
R = value of private residential construction per household
P = ratio of the furniture price index to the consumer price index.
A) Determine the point price and income elasticities for household furniture

Reference no: EM13247367

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