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Answer to Question #22615 in Economics of Enterprise for Christyharris

Question #22615
. An estimate of the demand function for household furniture produced the following results: F = 0.0036Y1.08R0.16p-0.48 r2 =0.996 Where F = furniture expenditures per household Y = disposable personal income per household R = value of private residential construction per household P = ratio of the furniture price index to the consumer price index
a) Determine the point price and income elasticity’s for household furniture.
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