An estimate of the demand function for household furniture produced the following results: F = 0.0036 Y 35 R0.19 p(-0.37) where Ffurniture expenditures per household Y = disposable personal income per household R= value private residential construction per household P ratio of the furniture price index to the consumer price index The point price elasticity for household furniture is r² = 0.996 and the income elasticity is According to the estimated model, a 10 percent increase in the value of private residential construction per household demanded by percent. the quantity

An estimate of the demand function for household furniture produced the following results: F = 0.0036 Y 35 R0.19 p(-0.37) where Ffurniture expenditures per household Y = disposable personal income per household R= value private residential construction per household P ratio of the furniture price index to the consumer price index The point price elasticity for household furniture is r² = 0.996 and the income elasticity is According to the estimated model, a 10 percent increase in the value of private residential construction per household demanded by percent. the quantity

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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