(.84) InQ 21.25lnP + 1.5lny + = 0.67lnS R² =.611 (.91) (.55) (.36) where Q = unit sales, P = price in dollars, Y = an index of regional income, and S = the price charged by a rival firm. Standard errors are in parentheses. a. Rewrite this equation (including numbers) to transform it out of the log-log form and back into multiplicative form.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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2
(.84)
InQ 2 1.25lnP + 1.5lnY +
=
-
0.67lnS
R² =.611
(.91) (.55)
(.36)
where Q = unit sales, P = price in dollars, Y
= an index of regional income, and S = the
price charged by a rival firm. Standard
errors are in parentheses.
a.
Rewrite this equation
(including numbers) to transform it
out of the log-log form and back
into multiplicative form.
Transcribed Image Text:(.84) InQ 2 1.25lnP + 1.5lnY + = - 0.67lnS R² =.611 (.91) (.55) (.36) where Q = unit sales, P = price in dollars, Y = an index of regional income, and S = the price charged by a rival firm. Standard errors are in parentheses. a. Rewrite this equation (including numbers) to transform it out of the log-log form and back into multiplicative form.
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