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The intent of this week exercise is to familiarize with EXCEL and to gain experience and practice in interpreting the output generated by most statistical packages (EXCEL) when linear regressions are run on a set of data.
The following data shows total sales volume for organic milk, price per gallon, and average household income.
Year
Qd (sales in million gallon)
Price per gallon ($)
Household income ($)
1999
1200
4
35,000
2000
1300
3.9
36000
2001
1320
37000
2002
1340
3
38000
2003
1310
34000
2004
1400
2.6
40000
2005
1390
2.5
2006
1420
2
42000
2007
1410
2008
1430
1.8
48000
Use Microsoft Excel to run a regression analysis for the following data. In Excel, first you need to type above data into your Excel spreadsheet. Then go to "tools", to "Data Analysis", to "Regression." Input sales data into"Input Y range" and price and income data into "Input X range." Mark "output range" and specify a worksheet location you want to place the output.
Assess the degree of difficulty associated with measuring marginal revenue product for each of the following occupations.
The average weekly earnings of bus drivers in a city are $950 with a standard deviation of $45. Assume that we select a random sample of 81 bus drivers.
Question based on Laffer Curve : Tax Rate and Tax Revenue, Do raising tax rates necessarily raise tax revenue? What factors affect how tax revenue changes when tax rates change?
Evaluate the following: The laws of supply and demand cannot apply to the labor market because labor is not a commodity to be bought and sold like machines.
Use the data below to find out the growth of income per person (over the entire period, not an annual basis) between the two years listed.
An essay on Market imperfection associated with negative externalities.
How do you think each of the following affected the world price of oil? (Use demand and supply analysis.)
What is opportunity cost of producing a car in Canada? What is the opportunity cost of producing the tonne of wheat in Canada? Describe the relationship between the opportunity costs of two goods.
All semester we have been tracking the economy to discern where it currently resides along the business cycle and where it seems to be headed over the next 6-9 months.
True/False: For each of the following concepts, decide whether it's true or false, and briefly explain why (2-3 sentences). You can also use diagrams if they are helpful. Each correct answer is worth.
Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fresh fish. The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced.
Draw a diagram describing autarky and a pattern of comparative advantage for your example.
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