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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 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. 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?
Which of the following represents a short-run decision? A farmer discovers that the total cost of growing 2000 acres of corn is $400,000 and that the total cost of growing 2001 acres of corn is $401,000. The marginal cost of the 2001st acre of corn i..
Let's say that companies that produce and sell silk shirts hire analysts to analyze the economy and make guesses about the future
Calculate the over all MC for the 1st 10 units of output also Specify where each successive unit will be produced.
The North American Free Trade Agreement (NAFTA) is a trade agreement between the United States, Canada, and Mexico whose purpose is to eliminate tariffs between the countries and promote all aspects of international trade.
What is market failure? If a market failure is present, does this imply that government intervention will lead to a more efficient allocation of resources? Why or why not?
When Px=$100, MPx=10 and MRq=$5, the marginal revenue product of X equals. The returens to scale charcateristic of a production system, shows the relation between output and the variation in all inputs. Returens to a factor denotes the relation betwe..
Devise a method that accurately measures the productivity of a college professor teaching economics. Hopefully, the measure you will come up with will include some sort of quality measure as well. This measure you devise will be used to decide whethe..
Reflect on the long term implications of high unemployment among the younger generations in Spain and Greece. In your opinion, does membership in the European Union increase the chance for brain drain?
Consider a two-period economy with a single commodity (say leisure): x_1 is the consumption of leisure in period 1, and x_2 is the consumption of leisure in period 2. When Peter evaluates consumption streams, he cares only about the best time in his ..
Explain how the raising of short-term interest rates would affect all of the following in the United States: the inflation rate, the unemployment rate, the value of the U.S. dollar, net exports, and U.S. stock markets. Include at least one well-label..
What is value of marginal propensity to consume (MPC) in this model Marginal propensity to save (MPS).
Advise Steve whether he will able to rely upon his insurance policy. Support your answer with relevant cases and legislation.
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