Conlan Enterprises has the following demand function:
where Q is the quantity demanded of the product Conlan Enterprises sells, P is the price of that product, M is income, and PR is the price of a related product. The regression results are:
|
DEPENDENT VARIABLE:
|
Q
|
R-SQUARE
|
F-RATIO
|
P-VALUE ON F
|
|
OBSERVATIONS:
|
32
|
0.7984
|
36.14
|
0.0001
|
|
VARIABLE
|
|
PARAMETER ESTIMATE
|
STANDARD ERROR
|
T-RATIO
|
P-VALUE
|
|
INTERCEPT
|
|
846.30
|
76.70
|
11.03
|
0.0001
|
|
P
|
|
-8.60
|
2.60
|
-3.31
|
0.0026
|
|
M
|
|
0.0184
|
0.0048
|
3.83
|
0.0007
|
|
PR
|
|
-4.3075
|
1.230
|
-3.50
|
0.0016
|
What are the values for the own-price, income, and cross-price elasticities?