问题 1.
$$
\begin{gathered}
\ln Q_{t}=-3.793-0.124 \ln (P t)+0.652 \ln N\left(Y_{t}\right)+ \
0.748 \ln \left(Q_{t-1}\right)
\end{gathered}
$$
Short-run price and income elasticities: $-0.124$ and $0.652$
证明 .
Speed of adjustment determined by lagged $Q$ coefficient
Long-run elasticities: $-0.494$ and $2.589$
BU5053COURSE NOTES ：
If we have data on both variables for 2 years, we can make an elasticity calculation
Example: Income elasticity of the residential demand for energy to provide space heating
- Average (real) after-tax family income in 2007 was $\$ 58,900$. In 2008 it was $\$ 59700$.
- source: CANSIM series v1545571
- Energy quantities were provided in a previous example