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Assume your research staff used regression analysis to estimate the industry demand curve for Product X.
Qx = 10,000 - 100 Px + 0.5 Y - 1000 r
(3,000)
(20)
(0.3)
(105)
Where Qx is the quantity demanded of Product X, Px is the price of X, Y is income, and r is the prime interest rate (given in decimals, e.g., 0.02 or 0.05) The standard error of each estimated coefficient is given in parentheses below it.
Also, the following information is provided about the regression equation.Number of observations = 98R2 = 0.95F-statistic = 7.5
a. What is the number of degrees of freedom?b. What percentage of the variation in the dependent variable is explained by the equation?c. Which of the estimated coefficients are significant at the 5% level using a 2-tailed test; be sure to indicate the t-statistic for each of the coefficients.d. Perform an F test at the 5% level of the overall explanatory power of the model.e. If prices remain constant next year but income is expected to increase by 50 and interest rates rise by two percentage points (by 0.02), what is the expected change in the quantity demanded?
Explain the multiplier intuitively. Why is it that an increase in planned investment of $100 raises equilibrium output by more than $100 Why is the effect on equilibrium output finite How do we know that the multiplier is 1/MPS
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Making dresses is a labor-intensive process. Indeed, theproduction function of a dressmaking firm is well described by theequation Q = L - L2/800, where Q denotes the number ofdresses per week and L is the number of labor hours per week.
Suppose the government imposes a price ceiling of $50 on a market characterized by the following information:Qd = 700 - 2P Qs = 100 + 4P Calculate the magnitude of deadweight loss from the price ceiling.
At the end of the 8-year planning horizon, the mixer will have a salvage value of $5,000. If the mixer is replaced, a new mixer will require an initial investment of $375,000. At the end of the 8-year plaaning horixon, it will have a salvage value..
A firm in a purely competitive industry is currently producing 1000 units per day at a total cost of $450. If the firm produced 800 units per day at a total cost would be $300 and if it produced 500 units per day, its total cost would be $275. Wha..
1. Assume that C = 40 + .5Y. a. Find the level of consumer spending and the level of savings for income equal to what c. What will be the equilibrium level of income when planned investment expenditure is equal to 60
Total Rev0 8 16 24 32 40 48 56 1.) Calculate marginal revenue & marginal cost for each quantity 2.) Can you tell whether this firm is in a competitive industry and if the industry is in a long-run equilibrium
Suppose Springfield's economy moves into a recession and Y falls to $9 and rising unemployment allows widget makers to reduce wages to $18 per hour. What happens to the supply and demand curves.
In 1885, first class postage for a one-ounce letter cost $0.02. The same postage in 2011 costs $0.46. What compounded annual increase in the cost of first-class postage has been experienced over this period of time
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