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Estimate the regression in Estimate by hand calculation the regression equation of the firm's sales revenue (Y) on its quality control expenditure (call it Z) for the data given: Year (t) 1 2 3 4 5 6 7 8 9 10 Advertising (X1) 10 9 11 12 11 12 13 13 14 15 Quality control (X2) 3 4 3 3 4 5 6 7 7 8 Sales revenue (Y) 44 40 42 46 48 52 54 58 56 60 Z 2 3 4 5 6 7 8 9 Y Forecast using Excel's regression function in the Data Analysis menu. (b) Using the coefficients found in the regression estimate, enter a formula (based in cells C6 through J6 to forecast the sales revenue when quality control goes from $2 million to $9 million a year. (c) Graph both the actual data and forecast using the graphing tool. Does the forecast vary much from the actual data?
How does the demand curve faced by a perfectly competitive firm differ from the market demand curve in a perfectly competitive market? Explain.
Assume that a simple society has economy with only one resource, labor. Labor can be employed to produce only two commodities- X, a necessity good (food) and Y, a luxury good ( music and entertainment). Assume the economy produced at a point inside..
Sometimes it is convenient to think about the consumer's problem in its "dual" form. This alternative approach asks how a person could achieve a given target level of utility at minimal cost. this approach will yield the same choices for this consu..
Mr. Lopez keeps silent during the meeting. After meeting he talks with Mrs. Martinez about his diagnosis. He suggests they tell AAA that the problem is HP fault, and that HP will replace the defective equipment.
The minimum acceptable price for a product that producer Sam is willing to receive is $15. It is $12 for producer Sue. The market price they could get for the product is $18. What is the amount of the producer surplus for Sam and Sue combined
The Principal-Agent Problem: You are hired as a management consultant to provide recommendations on how to stimulate productivity of the manufacturing firm that produces Printer Cartridges. Your 50% of the variable salary (consulting fee) is direc..
You're in Management for IBX Steel Components. J. D. Brotsky is a top labor leader and just announced that her union will go on strike against management unless you grant the workers a significant pay raise.
Make sure to label the axis of the graph. Now, add two more production functions based on the following scenarios. a. Efficient institutions are adopted in a country. Label this production function F2. b. A new technology is adopted allowing great..
Describe the legal environment of business, the sources of American law, and the basis of authority for government to regulate business.Explain basic court procedures, types of courts, and alternative dispute resolution methods.Use technology and in..
Suppose that there is a decline in the cost of a unit of capital. In the long run a.) What will be the substitution effect of this change on use of capital and labor, and why How would this be shown on an isoquant diagram (a diagram isnt needed, j..
Include how the necessity of a good and the availability of substitutes affect the price elasticity of demand in case of gasoline as a commodity.
1.-What are the short- and long-term economic benefits and cost associated with our current high federal government budget deficits 2.-Do you think the economic benefits outweigh the economic cost, why or why not
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