Complete the following questions on demand function:1. Write the demand equation resulting from your output. Include specific coefficients.2. Calculate the price elasticity of demand for this manufacturer if the price is $9.25 per unit, consumer income is $21,000, advertising is $100,000, and the quantity demanded is $499,999. Is demand elastic or inelastic at this price and quantity?3. Calculate income elasticity of demand for this manufacturer at the same point as identified in question 2. Is the product an inferior good, a normal good, or a luxury?Complete the following questions on production function:1. Write the production function resulting from your regression output. Include specific coefficients.2. Assume a firm has five plants and 60,000 hours of labor. Estimate the firmΓ’ΒΒs:a. Marginal product (add one hour of labor and measure the change in output)b. Average product of labor3. Now assume the firm has six plants and 60,000 hours of labor. Estimate the firmΓ’ΒΒs:a. Marginal product of laborb. Average product of labor4. How do your answers to questions 2 and 3 compare to one another? Is this what you would expect?Complete the following questions on cost function:1. Write the cost function resulting from your regression results. Include specific coefficients.2. Estimate the total, average, and marginal costs for a firm with a quantity sold of 60,000 units.3. Is a firm operating at the point identified in question 2 operating at a profit-maximizing level of output? How do you know? If they are not, should they expand or reduce quantity sold to move closer to the profit maximization level? Explain your reasoning.4. Estimate the average cost for a firm with a quantity sold of 70,000 units. Compare your answer with the answer to question #2 above. Does the manufacturer appear to have economies of scale? How do you know?
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