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**Question 2:**
A study of the demand for rice in a poor country suggests the following demand function.
lnD = 10 - 0.75lnHinc + 0.3lnPrice + 2lnPOthfood + residual,
Where Hinc is average income of a household, PRice is the price of rice, POthfood is the price of other foodstuffs and residual is the regression residual.
a) Write down the economic interpretations of the estimated coefficients for each of
i) lnHinc,
ii) lnPrice,
iii) lnPOthfood.
b) What explanation do you give for the positive own price elasticity of rice?
c) A policy think tank suggests that a tax on rice would be a possible way for the government of the poor country to raise money. Discuss whether you think this would be a desirable policy.