The economic way of thinking assumes people, including Mother Teresa, Jack the Ripper, Henry VIII, and Hilary Rodham Clinton, act on the basis of

In general, the smaller the price elasticity:

a. the smaller the responsiveness of price to changes in quantity. b. the smaller the responsiveness of quantity to changes in price. c. the larger the responsiveness of price to changes in quantity. d. the larger the responsiveness of quantity to changes in price.

A consulting firm estimates the following quarterly sales forecasting model:Qt = a + bt +cDThe equation is estimated using quarterly data from 2005 I - 2015 III (t = 1,..., 43). The variable D is a dummy variable for the second quarter where: D = 1 in the second quarter, and 0 otherwise. The results of the estimation are: Given the above, what is the estimated intercept of the trend line in the third quarter?

A. 24.50 B. 24.36 C. 22.50 D. 2.00 E. none of the above