I have listed the question and answer below but am not able to calculate this to...
I have listed the question and answer below but am not able to calculate this to get the final answer. Can someone do this step by step so I can see what I am missing? Thanks in advance!
Assume that these estimates are expected to remain stable during 2006. Forecast 2006 sales for Reliable assuming that its aircraft prices remain constant at 2005 levels and that disposable personal income will increase by $40 billion. Also assume that arc income elasticity computed in (b) above is the best available estimate of income elasticity.
EY = 3.53 = [(Q2 − 400)/(Q2+400)]/[(630 − 590)/(630+590)]
Q2 = 505 airplanes
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