Chapter 4 Question 7.An estimate of the demandfunction for household furniture p

Chapter 4 Question 7.An estimate of the demandfunction for household furniture produced the following results:A. Determine the point price andincome elasticities for household furniture.B. What interpretation would you give to the exponent for R? Why do you suppose R was included in the equation as a variable?C. If you were a supplier to the furniture manufacturer would you havepreferred to see the analysis performed in physical sales units rather than dollars of revenue?How would this change/ alter the interpretation of the price coefficient presently estimated as 0.48?