The demand for haddock has been estimated as log Q= a+b log P+c log I+ d log P^m where Q= Quantity,...

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The demand for haddock has been estimated as log Q= a+b log P+c log I+ d log P^m where Q= Quantity, P= price per pound, I = measure of personal income

p^m is price index of meet and poultry

IF b= -2.174, c= 0.461, and d= 1.909

Determine the price, income and cross priceelasticity of demand.. How would you characterize the demand for haddock? Suppose disposable income is expected to increase by 5% next year assuming all other factors remain constant, forecast the percentage change in quantity for haddock next year

David · Accepted Answer

The demand for haddock has been estimated as log Q= a+b log P+c log I+ d log P^m where Q= Quantity, P= price per pound, I = measure of personal income
p^m is price index of meet and poultry
IF b= -2.174, c= 0.461, and d= 1.

The demand for haddock has been estimated as log Q= a+b log P+c log I+ d log P^m where Q= Quantity, P= price per pound, I = measure of personal income p^m is price index of meet and poultry IF b=...

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