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Chez Henri is a restaurant chain that operates in 40 different cities. It hired an economist to estimate the factors affecting the demand for its sales. The following equation was estimated using cross sectional data from each of its 40 restaurants. Y Annual restaurant sales (in thousands) X1 Disposable per capital income (in thousands) of the residents living within 5 miles of a restaurant X2 Population (in thousands) within a 5-mile radius of a restaurant X3 Number of competing restaurants within a 5-mile radius The following information was obtained from the regression analysis: Multiple R: 0.92 R-Square: 0.85 Std. Error of Est.: 0.40 Analysis of Variance DF Sum Squares Mean Sqr. F-Stat Regression 3 220 73.3 18.2 Residual 36 60 1.7 Variable Coefficient Std. Error T-Value Constant 0.4 0.2 2.0 X1 0.01 0.004 2.5 X2 0.02 0.015 1.3 X3 -20.2 4.50 -4.6 Answer the following questions:
a. Give the estimated demand equation for predicting restaurant sales.
b. Provide an interpretation for each of the regression coefficients.
c. Which of the coefficients are statistically significant and which are not? Explain.
d. What percent of variation are restaurant sales explained by this equation?
Suppose A through F constitute a set of feasible, mutually exclusive investment opportunities. Assume Do Nothing is not an option (i.e. must pick from A through B). Using (1) Present Worth, (2) Annual Worth (EAW), (3) Future Worth, (4) IRR, (5) B/..
The current market wage rate is $10, the rental rate of land is $1,000 per unit, and the rental rate of capital is $500. Production managers at a firm find that under their current allocation of factors of production, the marginal revenue product ..
A firm has this linear production function: Q = 5K + 2L. Each unit of labor costs $10 to employ and each unit of capital cost $8 to employ. The firm is currently employing 100 units of labor and 200 units of capital. a. Calculate the total number of..
Regis hungry for a snack. Here is the value he places on a cupcake: Value of first cupcake 5dollars Value of second cupcake 4dollars Value of third cupcake 3dollars Value of fourth cupcake 2dollars From this schedule, derive regi's demand schedule. G..
Which country has a comparative advantage in production of caps In wheat c. If the US and Russia were the only two countries engaging in trade, what adjustments would you predict, assuming exchange rates are freely determined by the laws of supply..
Consider the values in the following table for the Winsome Widget Factory. A. Fill in the formula for MP and AP at the top of the column in the gray section within the table. B. Fill in the missing values for MP and AP in the blue sections of the tab..
Many people advocate taxing "the rich" to alleviate the debt problem but the truth is that taxes will have to be increased on all income earners. What macroeconomic impacts would you expect to see if taxes are raised "across the board"?
Consider the following total benefit (TB) and total cost (TC) functions and the corresponding marginal benefit (MB) and marginal cost (MC) functions: TB = 150 + 28 Q - 5 Q2 MB = 28 - 10 Q TC = 100 + 8 Q MC = 8 generally MNB = MB - MC. Derive the eq..
The company recently bid on a Gulf-front causeway improvement in Biloxi, Mississippi.Nash Bridges has incurred bid development and job cost-out expenses of $25,000 prior to submission of the bid.
ADVANCED ANALYSIS Assume the following values for Figures 5.4a and Figures 5.4b. Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag. The price at f is ..
If an investor deposits $1000 now, $3000 three years from now, and $600 per year for 5 years starting 4 years from now, how much money can be withdrawn every year forever beginning 12 years from now, if the rate of return on the investment is 8%.
Reserve requirement for banks is set at 5%. Your firm withdraws $42,000 on its line of credit at the Security Bank to purchase equipment for expansion. The equipment vendor deposits the amount that he receives from you at his bank, The Highland Ba..
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