Demand Estimation Suppose that John Smith the manager o

Demand Estimation
Suppose that John Smith the manager of the marketing division of Chevrolet at GM estimated the following regression equation for Chevrolet automobiles:
Qc=100 000-100Pc +2000N +50l -30 PF -1000 PG+3A+40 000P1
Where Qc= quantity demanded per year of Chevrolet automobiles
Pc = price of Chevrolet automobiles in dollars
N = population of the United States in millions
I = per capita disposable income in dollars
PF = price of Ford automobiles in dollars
PG = price of GM automobiles in dollars
A = advertising expenditures by Chevrolet in dollars per year
P1 = credit incentives to purchase Chevrolet in preceding points below the rate of interest on borrowing in the absence of incentives
a-Indicate the change in the number of Chevrolets purchased per year (Qc) for each unit change in the independent or explanatory variable.
b-Find the value of Qc if the average value of Pc =$9 000; N= 200 million; I= $10 000; PF=$10 000; PG =$8000; A= $200 000; and if P1=1.
c-Derive the equation for the demand curve for Chevrolet
d-Plot the demand curve
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