2. A producer of outdoor clothing used a focus group to obtain information about the demand for fleece jackets with built-in, battery-operated warming panels. At prices of $100, $90, $80, $70, $60, and $50, the focus group demanded 23, 31, 40, 44, 48, and 60 jackets, respectively. a. Estimate the linear demand function.

Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
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Chapter7: Consumer Choice And Elasticity
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b. Determine R²
Determine the standard error and t-statistic for the price coefficient. Is price statistically
significantly different from zero at the 0.05 level of significance?
Transcribed Image Text:b. Determine R² Determine the standard error and t-statistic for the price coefficient. Is price statistically significantly different from zero at the 0.05 level of significance?
2. A producer of outdoor clothing used a focus group to obtain information about the demand for
fleece jackets with built-in, battery-operated warming panels. At prices of $100, $90, $80, $70,
$60, and $50, the focus group demanded 23, 31, 40, 44, 48, and 60 jackets, respectively.
a. Estimate the linear demand function.
Transcribed Image Text:2. A producer of outdoor clothing used a focus group to obtain information about the demand for fleece jackets with built-in, battery-operated warming panels. At prices of $100, $90, $80, $70, $60, and $50, the focus group demanded 23, 31, 40, 44, 48, and 60 jackets, respectively. a. Estimate the linear demand function.
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