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An MBA student has proposed the following demand equation for good Y. QdY = a + b PY + c M where: QdY = quantity demanded of good Y in millions of tons per year PY = Price of good Y in dollars per ton M = Average consumer income in thousands of dollars i. What sign should this student expect a, b, and c to have? Explain. The regression output from the computer is as follows: Dependent Variable: QdY R-Square F-ratio p-value on F Observations: 90 .4 12.84 0.015 Variable Parameter Estimate Standard Error T-ratio P-Value Intercept 60.00 5468.32 3.12 0.0082 PY -1.00 0.65 -1.27 0.2145 M 0.02 3.29 5.12 0.0121 This economist is confortable using parameter estimates that are statistically significant at the 10 percent level or better. ii. Does PY have a statistically significant effect on the quantity demanded of good Y? Explain, using the appropriate p-value. iii. Does M have a statistically significant effect on the quantity demanded of good Y? Explain, using the appropriate p-value. iv. What fraction of the total variation in the quantity demanded of good Y remains unexplained? What can the student do to increase the explanatory power of his demand equation? What other variables might he add to his demand equation? v. What is the expected quantity demanded of good y when PY = 200 and M = 10,000?
What is the difference between poverty and income inequality? Why do economists believe that some degree of income inequality is inevitable in a capitalist economy?
Calculate the Economic Life in STB/month for an oil lease with WI = 100%, NRI = 87.5%, lease operating expense = $5,000 per month, price of oil = $15/STB, price of associated gas = $2.25/Mscf, GOR = 500 scf/STB, oil and gas severance taxes = 7.085%. ..
From the diagram what is the profit maximizing output of the monopolist? Why? From the diagram what is the price that the monopolist charges on each unit she sells. Briefly explain. Compute the Monopolist's profit?
To differentiate its product a monopolistic competitive firm will engage in all of the following advertising practices EXCEPT
Elm Industries receives profits from polluting according to the formula: pi =10Q−Q^2 where Q = pollution emitted (in tons), and profits are measured in dollars. The damages associated with pollution from this facility are estimated to be: D=Q^2 +2Q. ..
A fairer distribution of rewards may generate a higher average productive effort on the part of the population in that way enhancing efficiency.
According to the absorption approach, does it make any difference whether a nation's currency depreciates when the economy is operating in less than full capacity versus a full capacity?
Every country in the world is constructed around the same set of institutional frameworks that differ only in how governments manage them. Identify the specific components of an institution. Finally, analyze the role that extractive institutions pla..
Consider an economy in which people wish to hold bank checking deposits worth a total of 5 million goods and currency worth 2 million goods in every period. In addition there is a stock of unintermediated capital worth 10 million goods. Find the reve..
Analyze the economics of New Orleans in light of the above parameters and develop your own Cost-Benefit Analysis (CBA) for rebuilding
q.the economic analysis division of mapco enterprises has estimated the demand function for its line of weed trimmers
Elucidate how should Microsoft market long distance telephone services in the new wireless telecommunications devices which also include Internet portals.
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