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QUESTION
Run OLS to determine the inverse demand function (P = f(Q)); how much confidence do you have in this estimated equation?
Run OLS to determine the inverse demand function (P = f(Q)); how much confidence do you have in this estimated equation? Use algebra to then find the direct demand function (Q = f(P)).
pq
4.801170
4.531235
3.981337
3.721442
3.491548
$4.80
