Question 1. Suppose
QD= 60 - 50PC
QS= -66 + 90PC
(a) Calculate the equilibrium price and quantity.
Question 2. Interpret the results: of the following
Mutiple R 0.980
R square 0.961
Adjusted R square 0.952
Standard error 5.255
Observations 12.000
(i) determine significance of the model; (ii) determine significance of individual coefficients; (iii) compute elasticities; and (iv) interpret them.