A Simple Linear Demand Function May Be Stated as Q

question 44

Multiple Choice

A simple linear demand function may be stated as Q = a - bP + cI where Q is quantity demanded, P is the product price, and I is consumer income. To compute an appropriate value for c, we can use observed values for Q and I and then set the estimated income elasticity of demand equal to:

• A) c(I/Q).
• B) c(Q/I).
• C) -b(I/Q).
• D) Q/(cI).

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