DRQ #6 AGEC pts September 19, 2013

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DRQ #6 AGEC 317 3 pts September 19, 2013 The demand for the Coca-Cola product Dasani (bottled water) is given as: QD = 0.75P -0.72 P0.43AQF P0.55PL P -0.66TEA where Q denotes the quantity of Coca-Cola Dasani sold, P denotes the price of Dasani, PAQF denotes the price of AquaFina, and PPL represents the price of private label brands of bottled water. (1/2 pt) (a) What is the technical name of this type of demand function? (1/2 pt) (b) True or False. A price reduction for Dasani bottled water, all other factors invariant, will increase the number of units sold and sales revenue. (1/2 pt) (c) If Pepsi raises the price of AquaFina by 2 percent, then the quantity of Dasani sold rises by _________________ percent, all other factors invariant. (1/2 pt) (d) Tea and Dasani bottled water are __________________. (1/2 pt) (e) True or False. The chief competitor of Dasani bottled water is private label brands of bottled water. (1/2 pt) (f) List two additional factors that could affect the demand for Dasani.