Utilize the equation to give as much information

Assignment Help Macroeconomics

Reference no: EM1328486

Explaining Demand Equation for Potato

The market demand for potatoes is estimated as follows

Log Q = 1.5 - .33log P + 0.3log I + 200log P'

Q = pounds per year, P = price of potatoes in cents per pound, I = Average income of consumers, and P' = price of

rice per pound. All the parameters are statistically significant at the 1 percent level.

Provide a complete interpretation of the estimation results. Use the equation to provide as much information as possible about the demand for potatoes.

Reference no: EM1328486

Questions Cloud

Briefing the case with our views : Each brief should be approximately one page long, written in 12-point Times New Roman font. After each brief.

What is the effective access time in ns needed : assume the cache hit ratio is 0.8 and the main memory hit ratio is 0.7. What is the effective access time in ns required to access a referenced word on this system.

Purchasing and supply management in organizations : An evaluation of the various organizations that are benchmarks in purchasing and supply management, and their best practices.

Analyzing aspects of a selected visionary leader : Research and analyze aspects of a selected visionary leader. Detail three examples of how their foresight helped the success of their mission.

Utilize the equation to give as much information : Utilize the equation to give as much information as possible about the demand for potatoes.

Describe the concept of rapid prototyping : Describe the concept of rapid prototyping and how it can be used as a concurrent engineering tool and Provide at least 3 recommendations of companies that have strong supply chain management and why?

Explain the e-business - portal websites : Explain the E-Business - Portal Websites Similar to TV Channels and Why do some people say portal Web sites are very similar to television channels

How this technology works : "An emerging technology not in use at the company such as a wireless network or PDAs."

Explain theory of constraints and the supply chain : The theory of constraints and the supply chain - Describe how you would expect it to affect the company's competitive advantage.

User Account

All Pages