Refer to the following equation: Q^s = $\beta$ ₁ + $\beta$ ₂P + $\beta$ ₃P^r + $\beta$ ₄P^s + $\beta$ ₅TAX + e
Where Q^sis annual quantity supplied,P is the price of the product,P^r is the price of resources,P^s is the price of goods that are substitutes in production,and TAX is the excise tax on the product.In this equation $\beta$ ₁represents

Question

Refer to the following equation: Q^s =

\beta

₁ +

\beta

₂P +

\beta

₃P^r +

\beta

₄P^s +

\beta

₅TAX + e
Where Q^sis annual quantity supplied,P is the price of the product,P^r is the price of resources,P^s is the price of goods that are substitutes in production,and TAX is the excise tax on the product.In this equation

\beta

₁represents

Quizplus · Accepted Answer

F1F1F1S1F1F1F10₁represents a parameter to be estimated, as it is a coefficient attached to a variable that is not directly observed and must be estimated using statistical methods.

Refer to the Following Equation: Qs = β\betaβ 1 β\betaβ 2P

Refer to the Following Equation: Q^s = $\beta$ ₁ $\beta$ ₂P