Using Excel, Best Paints Estimates the Log- Linear Weekly Demand

question 88

Multiple Choice

Using Excel, Best Paints estimates the log- linear weekly demand function for their gallon sized paints to be ln Q^d = 16.23 - (1.85 × ln P) . At a price of $20, what is the predicted natural logarithm of the quantity (ln Q ) ?

• A)0
• B)- 20.77
• C)10.69
• D)43,914.51

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