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Business, 21.02.2021 20:20 jeremiah1212

1. You have hypothesized that the general form of the demand function is Qd = f(P, T) where P is the price of ice cream cones and T is average temperature. Based on your regression analysis, write out your estimate of the specific form of the demand for your company’s new snack. In other words, if Qd=a + b1P + b2T, what values do a, b1 and b2 take? (Hint: what should the sign on b1 be, based on the Law of Demand?

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1. You have hypothesized that the general form of the demand function is Qd = f(P, T) where P is the...

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