Wilpen Company, a price-setting firm, produces nearly 80 percent of all tennis b

Question

Wilpen Company, a price-setting firm, produces nearly 80 percent of all tennis balls purchased in the United States. Wilpen estimates the U.S. demand for its tennis balls by using the following linear specification: Q = a + bP + cM + dPR From Regression results: Q = 425120.0 - 37260.6 +1.49 - 1456.0 Where Q is the number of cans of tennis balls sold quarterly, P is the wholesale price Wilpen charges for a can of tennis balls, M is the consumers' average household income, and PR is the average price of tennis rackets. The regression results are as follows:

Explanation / Answer

a=42512.0 bP=37260.6 (b times whole-sale price charged on cans of tennis balls) cM=1.49 (c times of Customer's average household income ) dPR=1456.0 (d times of Average price of tennis)

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