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You are given the following regression results estimating the demand for widgets based on time series data for the past 40 months. Qt = 2.5 - 0.3 x Pt + 12 x Mt Where Qt represents the quantity of widgets sold per period t, Pt represents the price of widgets during period t, and Mt represents average household income of customers during period t. You are also given the following information about the regression results R2 = 0.75 F-statistic = 23 Durbin-Watson (d) statistic = 0.66 standard deviation of constant = 0.52; standard deviation of P = 0.16 standard deviation of M = 2.0
a. Which of the independent variables are statistically significant at the 5% level?
b. Can you reject the null hypothesis that price does not affected quantity demanded?
c. Can you reject the null hypothesis that income does not affect quantity demanded?
d. What proportion of total variation in Q is explained by the regression equation?
What is the Marginal cost of one more passenger on a 1,200 mile flight if there are between 250-300 passengers. If the number of passengers is 300 and the flight is between 1,200 and 2,500 miles, what is the marginal cost of flying an additional mi..
In April Patrick receives a 5% pay increase. Meanwhile the inflation raises the price of concerts to $10.50 and the price of Celtic Springs Water to $2.10. Draw Patrick's new budget constraint and optimal consumption bundle.
The average retail price of the cookbook will be $30, and the average cost will be $20. Assume that the equation for demand is Q = 10,000 - 9,000P, where Q = the number of cookbooks sold per month P = the retail price of books.
The rent market price for a 1-bedroom condominium in NYC is $3,000. However, the government does not allow these prices to be charged and establishes a price ceiling. This means that the government sets the maximum rent that can be charged.
Discuss the relationship in the price and quantity demanded in question four on a graph. Is the relationship direct or inverse?
The joint probability distribution on the returns of two securities X and Y is demonstrate in the table below.
According to U.S. Census Bureau data (2004), average monthly income for a person with a degree in engineering was $5296 versus $3443 for a degree in liberal arts. What is the future value in 40 years of the income difference at an interest rate of..
According to the News on page 159, (a) By what percent did GDP decline (b) How much output was lost in the $14 trillion economy (c) How much income did this represent for each of the 300 million U.S. citizens
How does an expansionary monetary policy work? (Describe the steps through which an increase in money supply affects the real GDP). How does fiscal policy work? (Describe the steps through which an increase in G or TR, or a decrease in TX, affects..
The utility estimates that by switching to gas, it will save $22,000 per year, starting 3 years from now. At an interest rate of 8% per year, determine the present worth in year 0 of the projected savings that will occur in years 3 to 10.
A city engineer knows that she will need 25 million in 3 years to replace toll booths on a toll road in the city. Traffic on the road is estimated to be 20 million vehicles per year. How much per vehicle should the toll be to cover the cost of the..
Potatoes cost Janice $1.10 per pound, and she has $6.00 that she could possibly spend on potatoes or other items. If she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14 the third pound is worth $1.05, and all ..
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