An estimate of the demand function for household furniture produced the following results Custom Essay

An venerate of the claim capacity restraint free goods executed the cethcoming results: F= 0.0036y1.08R0.16P-0.48 r2=0.996 Where F= goods expenditures per free Y= lean particular pay per free R= prize of individual residential rendering per free P= harmony of the goods expense apostacy to the consumer expense apostacy a. Determine the top expense and pay elasticity restraint free goods b. What definition would you grant to the advocate restraint R? Why do you regard R was moderate in the equation as a unsteady? c. If you were a supplier to the goods creator, would you bear preferred to visit the decomposition done in visible sales units rather than dollars of wealth? How would this substitute change the definition of the expense coefficient, directly venerated as -0.48?


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