The empirical demand function is estimated in log-linear form as where is the estimated number of units of good X demanded, P is the price of X, M is income, and is the price of related good Y. (All parameters estimates are significantly different from zero at the 5 percent level.)
-Good X is a(n) ______________ good and goods X and Y are ____________________.

Question

The empirical demand function is estimated in log-linear form as  where  is the estimated number of units of good X demanded, P is the price of X, M is income, and  is the price of related good Y. (All parameters estimates are significantly different from zero at the 5 percent level.)
-Good X is a(n) ______________ good and goods X and Y are ____________________.

Quizplus · Accepted Answer

The Answer of The empirical demand function is estimated in log-linear form as  where  is the estimated number of units of good X demanded, P is the price of X, M is income, and  is the price of related good Y. (All parameters estimates are significantly different from zero at the 5 percent level.)
-Good X is a(n) ______________ good and goods X and Y are ____________________.

The Empirical Demand Function Is Estimated in Log-Linear Form as