The demand for haddock has been estimated as: log (Q) = a + b log (P)+c log (I)+d log (Pm) where Q = quantity of haddock sold in New England P = price per pound of haddock I = a measure of personal income in the New England region Pm = an index of the price of meat Suppose b= -1.957, c= 0.567, and d 1.835.

Parts B and C

The demand for haddock has been estimated as: log(Q)=a+b log(P)+c log(I)+d log(Pm)log⁡�=�+b log⁡�+c log⁡�+d log⁡��   where Q� = quantity of haddock sold in New England P� = price per pound of haddock I� = a measure of personal income in the New England region Pm�� = an index of the price of meat Suppose b=−1.559�=−1.559, c=0.567�=0.567, and d=1.909�=1.909. What is the price elasticity of demand? -1.559   0.567   1.909   -2.750     What is the income elasticity of demand? 0.567   0.297   1.909   -1.559     What is the cross price elasticity of demand? -1.559   1.909   3.367   0.567     According to the estimated model, the demand for haddock is    with respect to price.   Suppose disposable income is expected to increase by 5 percent next year. Assuming all other factors remain constant, the quantity of haddock demanded next year will    by    percent.

You are helping a friend that owns a local store.  Their costs are per unit, so the only way they can maximize profits are by increasing revenue.   Therefore, you would like to help identify the price that will maximize revenues.  Below is data from a previous period.  Complete the chart.  (For the TR Test, consider that prices are increasing

Consider the demand function for good1, Q1 = 2536 - 8P1 + 0.6000000000000001P2 - 1.75P3 + 0.05Y Where, price of good1 (P1) is 42, price of good2 (P2) is 197, price of good3 (P3) is 155, and income (Y) is 47792; (a) Find the price elasticity of demand (PED). (b) Find the income elasticity of demand (YED). (c) Find the cross-price elasticity of demand (XED) between good1 and good3. (d) Estimate the percentage change in the demand for good1 resulting from a 6% decrease in the price of good2. (e) Based on the value of YED, comment on the nature/type of the goods. (f) Based on the value of the XED between good 1 and good3, comment on the relationship between these two goods.Iknow its more than three questions but whoever solve 1,2,3 will able to solve rest. please solve all.

Please no hand written solution

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The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price p is $150; the quantity demanded each month is 1000 when the unit price is $120. The suppliers will market 750 espresso makers if the unit price is $50. At a unit price of $80, they are willing to market 3000 units. Both the demand and supply equations are known to be linear. (a) Find the demand equation.p =     (b) Find the supply equation.p =     (c) Find the equilibrium quantity and the equilibrium price. equilibrium quantity       units equilibrium price     $

I A consumer's Marshallian demand for y is given by gy(Pa, Py, I) = —— 3. The price of Py = good y is py 4 and the consumer's income is I = 15. What is ey,py, the consumer's own price elasticity of demand for y? (a) −15 (b) -5 (c) -5/12 (d) −1 (e) -15/16

The demand for a product is more inelastic with respect to price:Response option group a) The more difficult it is to find substitutes for the product b) The lower the income of consumers. c) The easier it is to find substitutes for the product. d) The greater the proportion the product occupies in consumer spending.