a) Demand Function:
Quantity demanded = 10 - 2*Price + 3*Income
b) Coefficient of the price is negative implying that price and quantity demanded are negatively related. Coefficient of Income is positive implying that income and quantity demanded are positively related.
c) Given, Price=10 and Income=24
Quantity demanded= 10 - (2*10) + (3*24)
= 10 - 20 + 72
=62 units
A linear regression model found the following : Dependent variable : Quantity Independent variables : X1...
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