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Important information about Calculating elasticity for each of the given variables

The following problems refer to this regression equation. (Standard errors in parentheses.)
QD = 15,000 - 10 P + 1500 A + 4 PX + 2 I, (5,234) (2.29) (525) (1.75) (1.5)
R2 = 0.65
N = 120
F = 35.25
Standard error of Y estimate = 565
Q = Quantity demanded
P = Price = 7,000
A = Advertising expense, in thousands = 54
PX = price of competitor's product = 8,000
I = average monthly income = 4,000

find out the elasticity for each variable and briefly comment on what information this gives you in each case.

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M925621

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