Identify the dependent and independent variables

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Reference no: EM131481777

Question: An economist researching the market for tea assumes that

Qt = f(Pt, Y, A, N, Pc)

where Qt is the quantity of tea demanded, Pt is the price of tea, Y is average household income, A is advertising expenditure on tea, N is population and Pc is the price of coffee.

(a) What does Qt = f(Pt, Y, A, N, Pc) mean in words?

(b) Identify the dependent and independent variables.

(c) Make up a specific form for this function. (Use your knowledge of economics to deduce whether the coefficients of the different independent variables should be positive or negative.)

Reference no: EM131481777

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