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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?
Provide a diagram and explain why perfect competition is a natural n-opoly, where n is very large. Assume that the costs of production are C(q) = cq + f and that the demand curve is P = A - Q.
One could argue that a long commute to work is an undesirable characteristic of any job. If most people live in the suburbs.
"Because agricultural demand is inelastic, a technological advance that lowers costs will reduce total revenues. Thus, farmers have no incentive to adopt such new technology." True or false? Explain
Briefly explain what influences the supply of labor used in this business. Briefly explain what influences the demand of labor that this business uses. What might be some ways that this business could reduce its costs per unit (ATC)? How might the bu..
q1. the average variable cost per acre planted with wheat was 107 per acres. assuming a yield of 50 bushels per acre
In "In Praise of Big Brother" (pp. 203-215), James Stacey Taylor argues for the optimistic conclusion that, with the right legal and procedural safeguards, large-scale governance surveillance would have many positive consequences. What are Taylor's b..
A company that manufactures brushless blowers invested $650,000 in an automated quality control system for blower housings. The resultant savings was $160,000 per year for 5 years. If the equipment had a salvage value of $50,000, what rate of return ..
China has begun to allow gradual changes in the RMB/dollar rate since 2005. There are still observers believed the RMB is undervalued. Which of the following statement is true holding other things constant?
What is the Bretton Woods system? Why was it created and why did it collapse? How has this collapse ushered in more volatile exchange rate and frequent financial crises?
The two goods are money and ice cream and eating more than a certain amount of ice cream makes the consumer sick. If you assume that the consumer can dispose of unwanted ice cream at no cost how do the indifference curves change?
What influence did the elements of the Juran Trilogy have, if any, on the company's quality training curriculum? If the company does not have a quality curriculum, why do you believe, based on your research, it adopted the Juran Trilogy but did not m..
How would Foreign Direct Investment (FDI) cause an increase in Growth in Developing Countries (GDP)? Your two to three page response should focus on selecting and organizing.
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