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he following regression was estimated for 45 quarters to test the hypothesis that tire sales (T) depend on new-automobile sales (A) and total miles driven (M)T = 0.45 + 1.41 (M) + 1.12 (A)(0.32) (0.19) (0.41)Where T is the % change in tire sales, M is the % change in miles driven, and A is the % change in new automobile sales. N=23, and R square = 0.83, the standard error of the regression = 1.2 and standard errors for the coefficients are listed in parentheses.
a) does the regression equation and its coefficients make economic sense? Explain.
b) Suppose "miles driven" is expected to fall by 2% and new auto sales to fall by 13% (due to forecast recession). What is the predicted change in the sales quantity of tires? If actual tire sales dropped by 18% would this be surprising?
Assume the interest rate (and your discount rate) is 10 percent what is the actual payoff The correct answer is $13,518,048 (rounded to the nearest dollar) But I keep getting $12,289,134 (rounded to the nearest dollar)
The division's revenue for the year is $75 million. c. On March 31, you decide to stop throwing away $50 a month on convenience store nachos. You buy $200 worth of equipment, cornmeal, and cheese and make your own nachos for the rest of the year.
What is the optimal level of pollution P = 2P + P^2 => MC = 2 + 2P CC = 5 - 3P => MC = -3 to find the optimal level of pollution as recommended, we need to set total marginal cost = 0, then I have 2 + 2P -3 = 0 => 2P -1 = 0 => P = 0.5 You have alread..
Assume the only choice variable is x. The total benefit function is B(x) =170x - x2 and the cost function is C(x) = 100 - 10x + 2x2 a) What are the marginal benefit and marginal cost functions
Bad Breath, Inc. Sells its output at $1 per unit into competitive markets. Bad Breath's factory is the only employer of labor in Gilroy, California. It faces a supply from competitive workers of QL = w where QL is the number of workers hired per year
For 3 years there was no technological change in Londonland but capital per hour of labor increased from $10 to $20 to $30 and real GDP per hour of labor increased from $3.80 to $5.70 to $7.13. Then, in the 4th year, capital per hour of labor rema..
Calculate a new consumer price index for the data in the following exhibit. Assume that current-year prices of Twinkies, fuel oil, and cable TV are $0.95/package, $1.25/gallon, and $15.00/month, respectively.
the neighboring towns of Arlington and Belmont are trying to decide in which locality to site a new waste incinerator. The towns will share the benefits of the facility and also share the costs. each estimates its net benefit from the incinerator ..
Dave is buying pizza and soda. Suppose that a slice of pizza anda can of soda each cost $4 Let E be the amount in dollars that Dave spends onpizza and soda. If Dave buys P slices and S cans ofsoda, which one of the following equations correctly de..
The accountant would measure revenue-explicit cost= profit The economist would measure revenue- explicit and implicit cost=profit 200-100=100 profit YES for accountant profit 200-300=-100 deficit NO for economic profit Is this all right.
a motorcycle is for sale for $2600. the dealer is willing to sell it on the folowing terms: No downpayment; pay $44 at the end of each of the first 4 months; pay$84 at the end of each mont after that until the loan has been paid in full.
Compute the price elasticity of demand for pies at the firm's mean price: ($7.50) and mean weekly sales quantity (20,000 pies). Next, compute the cross-price elasticity of demand. Comment on these estimates.
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