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The following regression is the demand for organic vegetables which was estimated from nationwide data provided by a UK retailer:
Qx = 737,644 – 750,111 Px + 703,029 Py
where: Qx = quantity of organic vegetables sold (number of products), with mean value Q ̅_x = 591,432; Px = average price of organic vegetables (£) with mean value, P ̅_x= £ 1.10; and Py = average price of non-organic vegetables (£) with mean value, P ̅_y = 0.96.
Calculate the values of the two price elasticities. (2 extra points for each elasticity).
Is the demand for organic vegetables price-elastic or price-inelastic? (1 extra point)