using equation (2.4), what is the demand equation as a function of Ps if the pri

Question

using equation (2.4), what is the demand equation as a function of Ps if the price of other pastas (Po) is $2, the individuals income (Y) in thousands in $25 and tastes (Z) are represented by 20?

Linear equations with several independent variables have Some things in common with the linear equation in (2. 1). An intercept Constant is calculated by selling all he independent variable equal to zero; here the intercept is 500. The slope values in such linear cases will be the coefficients of the independent variables in question. For example, the slope value for the income variable Y is 20. The slope gives information regarding the contributions of changes in the independent variables to the value of the dependent variable. Again, it is worthwhile emphasizing that functions in economics need not be linear. For example, the true spaghetti demand function might instead look like this

Explanation / Answer

y = 15?2x

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