ECO-550 Assignment 2-Imagine that you work for the maker of a leading brand of low-calorie frozen

Assignment #1 info is below:Imagine that you work for the maker of a leading brand of low-calorie frozen, microwavable food that estimates the following demand equation for its product using data from 26 supermarkets around the country for the month of April.Estimated Demand Equation ? QD = – 5200 – 42(P) + 20(Px)+ 0.52( I )+ 0.20(A) + 0.25(M)Standard Errors of Estimate ? (2.002) (17.5) (6.2) (2.5) (0.09) (0.21)(for calculating “t-values”Other Regression statistics n = 26 R2 = 0.55 F = 4.88QD = Quantity demanded of 3-pack units for your company’s frozen foodP (in dollars) = Price of the product = $5 per 3-pack unitPx (in dollars) = Price of leading competitor’s product = $6 per 3-pack unitI (in dollars) = Per capita income of the standard metropolitan statistical area(SMSA) in which the supermarkets are located = $5,500A (in dollars) = Monthly advertising expenditures = $10,000M = Number of microwave ovens sold in the SMSA in which eachSupermarket is located = 5,000a) Plot the demand curve for your firm by using the following prices for its 3-pack unit: $2, $4. $6, $8, and $10. Hint: Place the price (P) on vertical axis and the quantity demanded (QD) on the horizontal axis.b) Plot the corresponding supply curve on the same graph using the following supply functionQS = -79.1 + 79.1(P) with the same prices as in part a. (Remember: Price is placed on the verticalaxis and the quantity on the horizontal axis.)c) Determine the equilibrium price and quantity.

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