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The Delta firm hires a consultant to estimate the demand function for its product. Using regression analysis, the consultant estimates the demand function to be log Q = 2.01 - 0.148 log P + 0.258 log Z where Q is the quantity demanded (in tons) of Delta's product, P is the price (in dollars per ton) of Delta's product, and Z is the price (in dollars per ton) of a rival product.
1) Calculate the price elasticity of demand for Delta's product.
2) Calculate the cross elasticity of demand between Delta's product and the rival product.
3) According to the consultant, R2 = 0.98 and the standard error of estimate is 0.001. If the number of observations is 94, comment on the goodness of fit of the regression.
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