Clearly show your steps and manual (hand and calculator) calculations in 4 decimal points.Īnswer number 4 including all parts A B C D E- Show the formulas and y.docx (e) With your estimated log-linear demand function in (a), calculate the quantity demanded of alkaline batteries at the unit price of $2.68 and the average annual consumer income of $80, 910. Clearly show your steps and manual (hand and calculator) calculations in 4 decimal points. (d) With your derived nonlinear function in (c), estimate the income elasticity of demand for alkaline batteries.
Clearly show your steps and calculations in 4 decimal points. (c) Derive the nonlinear (multiplicative) form of your estimated log-linear demand function in (a). Evaluate the statistical significance of each independent economic variable in your estimated log-linear demand function. Write your estimated log-linear demand function in 4 decimal points. (b) With your Excel Worksheet (printout): i. Upload an Excel file containing the Excel Worksheet of your estimated log-linear demand function. (a) With Microsoft Excel, use the data provided to estimate a log-linear demand function for your product. To estimate the demand function of your product, a Microsoft Excel file containing data on the natural logarithms of quantity demanded, product unit price, and the average annual income of consumers is attached. Also, c,, and [ are the model parameters. Assume that the demand function for alkaline batteries is nonlinear (multiplicative) as Qd = cPx M, where Qd is the annual quantity of alkaline batteries demanded (million packets), Px is the price of alkaline batteries ( $/ packet), and M is the average annual income of consumers (in thousand dollars). You are a manager of a firm that sells a leading brand of alkaline batteries in the USA. If all is answered correctly with work shown i will upbote, if not i will give bad ratingĢ5 points) 4. Answer number 4 including all parts A B C D E.
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