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The Pilot Pen Company has decided to use 15 test markets to examine the sensitivity of demand for its new product to various prices, as shown in the following table. Advertising effort was identical in each market. Each market had approximately the same level of business activity and population. a. Using a linear regression model, estimate the demand function for Pilot's new pen. b. Evaluate this model by computing the coefficient of determination and by performing a t-test of the significance of the price variable. c. What is the price elasticity of demand at a price of 50 cents?
In its rivalry with Westinghouse, General Electric instituted a "price protection" plan. This plan stated that if GE lowered its price, it would rebate the price difference to its past customers. Show that this plan makes collusion between GE and Wes..
Illustrate what is the marginal cost of the first worker. Based on your knowledge of marginal analysis, how many workers should you hire.
Analysis of Pricing: You manage MBA Deli which sells meals at a price of $6 each. The average number of meals sold per month is 7,000. MBA Deli would like to increase its sales and profits. The MBAs running the Deli, know that if price is lowered, th..
Check your client's Web site to find out if it discusses its business plans for now and in the future. This is often found in a public company's annual report. Private companies sometimes list their business activities under the "About Us" or "Newsro..
The Gauss-Markov theorem states that OLS estimates are BLUE. List what word each letter in the acronym BLUE stands for. Then, give an intuitive definition for each of these words ?
The owners of a small manufacturing concern have hired a manager to run the company with the expectation that (s)he will buy the company after five years. The goal of the owners in making this hire is to find the appropriate manager that will increas..
Swagelok Co. of Solon, Ohio, makes variable area flow meters (VAFs) that measure liquid and gas flow rates by means of a tapered tube and float. If tooling and setup costs were $400,000 in year 0 and an additional $190,000 in year 3, determine the ex..
Explain the situation of Amazon today through a Macroeconomic and Industry Analysis. Please consider: The National US Output: GDP Unemployment Demand and Disposable Income (Inflation) The performance of the economy is important to Amazon. We analyze ..
Suppose Katie, Kendra, and Kristen each purchase a particular type of cell phone at a price of $80. Kate's willingness to pay was $100, Kendra's willingness to pay was $95, and Kristen's willingness to pay was $80. For the three individuals together,..
Think about how you can check whether marginal benefit equals marginal cost for each of your household’s activities. Are your household’s resources allocated fairly? Think about the two ideas of fairness and how they apply in your household.
Imagine the hourly production for tuna cans is given by q = 6K + 4L. Assuming capital is fixed at 6, how much L is required to product 60 tuna cans per hour? Assuming capital is fixed at 8, how much L is required to product 60 tuna cans per hour?
What are the properties of a general competitive equilibrium? Why is it considered a state of efficiency? What does efficiency, in the sense of a Pareto Optimum, mean? Did he prove the existence of a general competitive equilibrium?
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