Louisiana State University, Shreveport ECON ECON 705 4. Your company, which specializes in running shoes for men who are…
4. Your company, which specializes in running shoes for men who are growing increasingly follicly-challenged (BalderDash®), has the following demand function:
Q = a + bP + cM + dR
where Q is the quantity demanded of BalderDash’s most popular shoes, P is the price of that product, M is consumer income, and R is the price of a related product. The regression results are:
| Adjusted R Square | 0.6435 | |||
| Independent Variables | Coefficients | Standard Error | t Stat | P-value |
| Intercept | 23,823.29 | 266.85 | 89.28 | 5.99E-40 |
| P | -6.995 | 3.438 | -2.034 | 0.050 |
| M | -0.0033 | 0.002 | 1.765 | 0.087 |
| R | -4.20 | 1.436 | -2.923 | 0.006 |
Now assume that the income is $58,717, the price of the related good is $37.75, and BalderDash chooses to set the price of its product at $59.90.
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