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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?
Elucidate what is the implication of the efficiency wage theory for unemployment. In what way are piece rates, commissions, royalties, profit sharing, and stock options substitutes for efficiency wages.
q1. assume that survey measures of consumer confidence indicate a wave of pessimism is sweeping the country. if
Precision Instruments, Inc. manufactures high sensitivity mini accelerometers designed for modal analysis testing. The company borrowed $10,000,000 with the understanding that it would make a $2,000,000 payment at the end of year 1 and then make equa..
Compare the risks of borrowing in the form of debt and receiving FDI in the form of equity. If debt is generally considered more risky to borrowers than equity, why is so much borrowing by foreign nations in the form of debt rather than equity?
You have your eyes on a new automobile costing $25,000. If you wrote a check for the $25,000, you could drive off in your new car. However, you don’t have it and must finance $20,000 through the dealership at 15%/year/month over a 5-year period. What..
What is community policing? How does it differ from traditional policing? Does community policing offer an opportunity to improve policing services in the United States? Why or why not?
Illustrate what is the equilibrium price. If supply at every price is reduced by five gallons, what will the new equilibrium price be.
Joey, David, Tracy, and Surly own one track bicycle apiece, and they\'ve each modified to sell them as fixed-gear bikes or \"fixies.\" Joey is willing to sell his bike at $100 or more. Likewise, David will sell his fixie for $150, Tracy at $200, and ..
Stagflation is caused by
Discuss how the two cases in this chapter illustrate the major theme of this text: changes in the macro environment affect individual firms and industries.
Each year since winning control of the House of Representatives in the 2010 election, Tea Party Republicans have argued that we need to immediately initiate sharp reductions in government spending and entitlement programs and rapidly move towards a b..
Now suppose Alex's income increases to $1,500 per year. What is her new optimal consumption of x? What is her new optimal consumption of z?
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