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Question One You are the manager of a firm that produces a vegetable cooking oil in Ghana. In order to make informed decision, you cngaged an economist to cstimate the demand equation for your product. Using data from 21 supermarkets around the country for the month of Oetober, 2019, the estimated linear regression result for your product is shown in the table below: b) Now suppose the economist also estimated the supply curve for your product as Qx:=1085+2.5Px1.5Pt+0.75R where PL=6100 and R=400 inches, i. Determine the equilibrium price and quantity for your product and show the equilibrium graphically. a) Suppose the average price of 3 gallons of vegetable cooking oil is GH cis0. price of 2 gallons of palm oil is GHe120, the per capita income of Ghana is GHe550, the monthly advertising expenditure on vegetable cooking oil is GHe1000 and the total number of consumers is 500 i. Write down the estimated demand equation for your firm's product and interpret a) Suppose the average price of 3 gallons of vegetable cooking oil is GHe150, price of 2 gallons of palm oil is GHc120, the per capita income of Ghana is GHc550, the monthly advertising expenditure on vegetable cooking oil is GHcl000 and the total number of consumers is 500 i. Write down the estimated demand equation for your firm's product and interpret the parameter estimates. ii. Determine the quantity of vegetable cooking oil sold. Question One You are the manager of a firm that produces a vegetable cooking oil in Ghana. In order to make informed decision, you cngaged an economist to cstimate the demand equation for your product. Using data from 21 supermarkets around the country for the month of Oetober, 2019, the estimated linear regression result for your product is shown in the table below: b) Now suppose the economist also estimated the supply curve for your product as Qx:=1085+2.5Px1.5Pt+0.75R where PL=6100 and R=400 inches, i. Determine the equilibrium price and quantity for your product and show the equilibrium graphically. a) Suppose the average price of 3 gallons of vegetable cooking oil is GH cis0. price of 2 gallons of palm oil is GHe120, the per capita income of Ghana is GHe550, the monthly advertising expenditure on vegetable cooking oil is GHe1000 and the total number of consumers is 500 i. Write down the estimated demand equation for your firm's product and interpret a) Suppose the average price of 3 gallons of vegetable cooking oil is GHe150, price of 2 gallons of palm oil is GHc120, the per capita income of Ghana is GHc550, the monthly advertising expenditure on vegetable cooking oil is GHcl000 and the total number of consumers is 500 i. Write down the estimated demand equation for your firm's product and interpret the parameter estimates. ii. Determine the quantity of vegetable cooking oil sold

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