Business, 10.06.2021 19:00 ayoismeisalex
Where Qi is the total tonnage of grain shipped in week i, Pi is the price of shipping a ton of grain by rail, Icei is a binary variable that is equal to 1 if the Great Lakes are not navigable because of ice. Ice is included because grain could also be transported by ship when the Great Lakes were navigable. Estimate the demand equation by OLS. What is the estimated value of the demand elasticity and its standard error
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Where Qi is the total tonnage of grain shipped in week i, Pi is the price of shipping a ton of grain...
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