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An MBA student has proposed the following demand equation for good Y. QdY = a + b PY + c M where: QdY = quantity demanded of good Y in millions of tons per year PY = Price of good Y in dollars per ton M = Average consumer income in thousands of dollars The regression output from the computer is as follows: Dependent Variable: QdY R-Square F-ratio p-value on F Observations: 90 .4 12.84 0.015 Variable Parameter Estimate Standard Error T-ratio P-Value Intercept 60.00 5468.32 3.12 0.0082 PY -1.00 0.65 -1.27 0.2145 M 0.02 3.29 5.12 0.0121 This economist is confortable using parameter estimates that are statistically significant at the 10 percent level or better. iv. What fraction of the total variation in the quantity demanded of good Y remains unexplained? What can the student do to increase the explanatory power of his demand equation? What other variables might he add to his demand equation?
Illustrate what do you think would happen to sale and price of DVDs after this.
For Firm A, when four units of output are produced, total cost is $175 and average variable cost is $33.75. What would average fixed cost be if ten units were produced.
A market has a demand curve described by P=30-Q, a supply curve described by P=16+Q, and a price ceiling of 20. Calculate the Total Surplus of the market with the price ceiling?
Classic imperialism (the building and maintaining of empires beyond a country’s national borders) fell seriously out of fashion after World War II. The Dutch, British and French all had major colonial holdings in Southeast Asia, including Borneo, Jav..
A monopolist has two sets of consumers. The demand for one set can be described by Q1 = 5 ? p. For the other set, the demand is Q2 = 10 ? p. The monopolist faces constant marginal cost of 2. Derive the monopolist’s total demand if the two markets are..
Suppose you purchase a 30-year, zero-coupon bond with a yield to maturity of 6%. You hold the bond for five years before selling it. If the bond's yield to maturity is 6% when you sell it, what is the internal rate of return on your investment?
What is the hedonic theory of wage differentials? Discuss the characteristics of a normal- profit isoprofit curve. Combine isoprofit curves with worker indifference curves to explain how two workers with identical stocks of human capital might be pai..
The price level starts at 1.0 and rises by the end of the year to 1.15. What has happened to the value of the dollar over that same period of time? What are the consequences of that price level change? Will an increase or decrease in the money supply..
Briefly describe the origin and growth of government-provided pensions beginning with Germany in 1881 and attempts to establish a federal pension in the U.S. prior to 1935
If the prevailing marketplace price is $17 every unit, Elucidate how many units will be produced also sold. Illustrate what are profits every unit.
Suppose the world price of lumber is above the Canadian price of lumber. What would be the impacts of free trade in lumber between Canada and the rest of the world? Use a diagram to show the impact on: Canadian price; Canadian consumption; Canadian p..
Absolute and comparative advantage: Explain how these concepts describe the benefits and costs of international trade.
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