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How to characterize the demand for haddock assume

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Reference no: EM13454905

The demand for haddock has been estimated as:

log Q= a+b log P+c log I + d log Pm

where Q= quantity of haddock sold in New England

P= price per pound of haddock

I- a measure of personal income in the New England region

Pm= an index of the price of meat and poultry

1. If b = 2.174, c= 0.461 and d= 1.909:

Determine the price elasticity of demand

Determine the income elasticity of demand

Determine the cross price elasticity of demand

How would you characterize the demand for haddock?

Suppose disposable income is expected to increase by 5% next year. Assuming all other factors remain constant, forecast the percentage of change in the quantity of haddock demanded next year.

Reference no: EM13454905

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