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The intent of this week exercise is to familiarize with EXCEL and to gain experience and practice in interpreting the output generated by most statistical packages (EXCEL) when linear regressions are run on a set of data.
The following data shows total sales volume for organic milk, price per gallon, and average household income.
Year
Qd (sales in million gallon)
Price per gallon ($)
Household income ($)
1999
1200
4
35,000
2000
1300
3.9
36000
2001
1320
37000
2002
1340
3
38000
2003
1310
34000
2004
1400
2.6
40000
2005
1390
2.5
2006
1420
2
42000
2007
1410
2008
1430
1.8
48000
Use Microsoft Excel to run a regression analysis for the following data. In Excel, first you need to type above data into your Excel spreadsheet. Then go to "tools", to "Data Analysis", to "Regression." Input sales data into"Input Y range" and price and income data into "Input X range." Mark "output range" and specify a worksheet location you want to place the output.
Prepare a demand schedule for both demand curves and prepare them on an Excel graph. Calculate the marginal revenue for each.
The demand function for VCRs has been estimated to be Qv = 123 - 1.7Pt + 46 Pm - 2.1Pv -5M, where Qv is the quantity of VCRs,Pt is the price of a videocassette, pmis the price of a movie, Pv is the price of a VCR, and M is income.
Those who advocate that the Federal Reserve target monetary aggregates usually argue that the Fed should not alter its monetary targets in response to temporary changes in macroeconomic conditions
Why the price of computers dropped as their power and features has have increased?
Graph the accompanying demand data, and then use the midpoint formula for E d to determine price elasticity of demand for each of the four possible $1 price changes.
In which of the following circumstances is expansionary fiscal policy more likely to lead to a short-run increase in investment? Explain?
Suppose that a perfectly equal distribution of income existed in Disneyland. Which of the reccent residents would have the same income he or she has in present distribution?
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
Consider a product with a supply function Q 1 = β 0 + β 1 + u 1, a demand function Q d i =y 0 +u i d . Show that P i and u s d are correlated.
Compute the producer surplus from parts a and b. Are producers better or worse off as a result of international trade? Discuss why.
Why might it be difficult for the Fed to formally adopt inflation targeting? Would inflation targeting be a good policy for the Fed in the present economic environment
You have been hired as a plant manager for a firm that produces widgets (Q) in Angola, Indiana. Widget production requires machine time (K) and labor time (L).
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