Utilize the equation to give as much information

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

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