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In a study of housing demand, the county assessor is interested in developing a regression model to estimate the market value (i.e., selling price) of residential property within her jurisdiction. The assessor feels that the most important variable affecting selling price (measured in thousands of dollars) is the size of house (measured in hundreds of square feet). She randomly selected 15 houses and measured both the selling price and size, as shown in the following table: Observation (i) Selling Price (x $1,000) (Y) Size (x100 square ft)x? 1 265.2 12.0 2 279.6 20.2 3 311.2 27.0 4 328.0 30.0 5 352.0 30.0 6 281.2 21.4 7 288.4 21.6 8 292.8 25.2 9 356.0 37.2 10 263.2 14.4 11 272.4 15.0 12 291.2 22.4 13 299.6 23.9 14 307.6 26.6 15 320.4 30.7 a. Plot the data b. Determine the estimated regression line. Give an economic interpretation of the estimated slob (b) coefficient. c. Determine whether size is a statistically significant variable in estimating selling price d. Calculate the coefficient of determination e. Perform an F-test of the overall significance of the results f. Construct an approximate 98 percent prediction interval for the selling price of a house having an area (size) of 15 (hundred) square feet
The Solar Energy Company is producing electricity from a solar source by using a large array of solar cells and selling the power to the local utility company. Because these cells degrade over time, thereby resulting in lower conversion efficiency..
The real risk-free rate is 3.3%. Inflation is expected to be 3.15% this year, 4.25% next year, and then 3.4% thereafter. The maturity risk premium is estimated to be 0.05(t - 1)%, where t = number of years to maturity. What is the yield on a 7-yea..
Suppose that market demand is given by P = 260 - 2Q and that firms again have a constant marginal cost of 20, while incurring no fixed cost, but now assume that the firms are Bertrand competitors and have unlimited capacity.a. What is the one-peri..
Domino Pizzas decides to raise their price of their large Meatlovers supreme from $9.00 to $9.50. Their sales fall from 500 meatball subs to 460. Using the midpoint (or arc) formula, the elasticity of demand for Meatlovers supreme in absolute valu..
Use the sales data given below to determine a. the least squares trend line b. the predicted value for 2002 sales c. the MAD d. the unadjusted forecasting MSE Year / Sales 1995 / 130 1996 / 140 1997 / 152 1998 / 160 1999 / 169 2000 ..
The Zenvox TV Company faces a demand function for its products that can be expressed as Q = 4,000 - P + 0.5i, where Q is the number of tv's, P is the price per tv, and i is the average monthly income. Average monthly income is currently equal to $..
Given the production function Y=AK^0.3L^0.7 if output grows by five percent, the capital input grows by five percent, and the labor input grows by two percent, calculate the Solow residual. Calculate the growth rates of output per worker and capit..
Obtain a linear function for demand in the form Q = A +bP using linear regression formulae (contained in the book/appendix)from these five price/quantity points: P= 20, 17, 15, 10, 8 Q = 2, 12, 16, 20, 30 What % of the variability in Q is explained b..
An estimate of the demand function for household furniture produced the following result F= 0.0036Y1.08R0.16P-0.48 p=0.996 where F= furniture expenditures per household. Y= disposable personal income per household.
Demand estimation for brand-name consumer products is made difficult by the fact that managers must rely on proprietary data. There is simply not enough publicly available data, which can be used to estimate demand elasticity for brand-name produc..
The United States is currently recovering from its bad recession in over twenty-five years. Applying the resource provided in this and earlier modules of course describe what factors or activities you think helped cause this economic condition.
a study housing demand, county assessor interested developing a regression model estimate market (i.e., selling price) residential property this jurisdiction. The assessor feels important variable affecting selling price (measured thousands dollar..
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