{"id":124510,"date":"2022-01-27T19:05:45","date_gmt":"2022-01-27T19:05:45","guid":{"rendered":"https:\/\/essayparlour.com\/custom-essays\/?p=124510"},"modified":"2022-01-27T19:05:45","modified_gmt":"2022-01-27T19:05:45","slug":"the-kingston-company-hires-a-consultant-to-estimate-the-demand","status":"publish","type":"post","link":"https:\/\/essayparlour.com\/custom-essays\/business-economics-2\/the-kingston-company-hires-a-consultant-to-estimate-the-demand\/","title":{"rendered":"The Kingston Company hires a consultant to estimate the demand"},"content":{"rendered":"<table style = 'table-striped table-bordered table-hover' responsive='true'>\n<tr>\n<th>Question<\/th>\n<\/tr>\n<tr>\n<td>The Kingston Company hires a consultant to estimate the demand function for its product. Using regression analysis, the consultant estimates the demand function to be<br \/>\n log Q = 2.01 &#8211; 0.148 log P + 0.258 log Z<br \/>\n where Q is the quantity demanded (in tons) of Kingston&#8217;s product, P is the price (in dollars per ton) of Kingston&#8217;s product, and Z is the price (in dollars per ton) of a rival product.<br \/>\n a. Calculate the price elasticity of demand for Kingston&#8217;s product.<br \/>\n b. Calculate the cross elasticity of demand between Kingston&#8217;s product and the rival product.<br \/>\n c. According to the consultant, 2 = 0.98 and the standard error of estimate is 0.001. If the number of observations is 94, comment on the goodness of fit of the regression.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Question<\/p>\n<p>\nThe Kingston Company hires a consultant to estimate the demand function for its product. Using regression analysis, the consultant estimates the demand function to be<br \/>\n log Q = 2.01 &#8211; 0.148 log P + 0.258 log Z<br \/>\n where <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":["post-124510","post","type-post","status-publish","format-standard","hentry","category-business-economics-2"],"_links":{"self":[{"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/posts\/124510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/comments?post=124510"}],"version-history":[{"count":1,"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/posts\/124510\/revisions"}],"predecessor-version":[{"id":124511,"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/posts\/124510\/revisions\/124511"}],"wp:attachment":[{"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/media?parent=124510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/categories?post=124510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/tags?post=124510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}