Income ($10,000) Family 1234 0.00 0.10 5.0 4.9 6.4 7.2 8778 Price (above $1.50 per pound) 0.20 0.30 4.8 4.7 6.1 6.9 7.5 8.0 8.3 7.8 5 8.2 6 8.6 6.3 7.1 7.7 8.1 8.5 6.2 7.0 7.6 8.0 8.4 0.40 4.7 6.1 6.9 6.8 7.4 7.4 7.9 7.8 8.3 8.2 0.50 4.6 6.0 (a) Find the function of the logarithmic cross-sectional model that gives per capita consumption of peaches at a price of $1.50 per pound, where f represents yearly family income in tens of thousands of dollars, with data from 1 sfs 6. (Round all numerical values to three decimal places.) c(0.00, -13.6+2.019 ln fx b (b) Calculate per capita peach consumption for families with a yearly income of $25,000 when the price is $1.50 per pound. (Round your answer to one decimal place.) lb

Income ($10,000) Family 1234 0.00 0.10 5.0 4.9 6.4 7.2 8778 Price (above $1.50 per pound) 0.20 0.30 4.8 4.7 6.1 6.9 7.5 8.0 8.3 7.8 5 8.2 6 8.6 6.3 7.1 7.7 8.1 8.5 6.2 7.0 7.6 8.0 8.4 0.40 4.7 6.1 6.9 6.8 7.4 7.4 7.9 7.8 8.3 8.2 0.50 4.6 6.0 (a) Find the function of the logarithmic cross-sectional model that gives per capita consumption of peaches at a price of $1.50 per pound, where f represents yearly family income in tens of thousands of dollars, with data from 1 sfs 6. (Round all numerical values to three decimal places.) c(0.00, -13.6+2.019 ln fx b (b) Calculate per capita peach consumption for families with a yearly income of $25,000 when the price is $1.50 per pound. (Round your answer to one decimal place.) lb

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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7.2 please explain
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7.7 pleaase explain
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