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The EPA tests vehicles for gasoline mileage under stringent testing conditions. The testing for a particular make and model of mid-sized SUV involved 35 vehicles submitted by the manufacturer. Assume the vehicles submitted for testing constitute a random sample from the population.
Data:
24.727.026.226.826.225.525.827.527.027.627.326.925.026.426.927.326.126.126.225.926.327.026.326.124.626.926.525.725.826.028.526.425.826.428.0
Construct a 99% confidence interval estimate for the estimated mean MPG mileage for the vehicle tested.
Make a statement to interpret the results.
Import Duty-1000 Excise Duty-1000 Outpout sold- 5000 Price per unit of output- 6 Change in stock-600 Intermediate Cost- 16,000 Subsidy-500
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Compute the elasticity for each variable and briefly comment on what that data gives you in each case.
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