ECO250_Module3_Exercise

You own the only pharmacy in the small town of Jackson City, which has 40,000 residents. You would like to get a sense of what the local demand is for seasonal allergy medicine so you can determine how many packages to keep in stock and what price to charge. You conduct a survey of four residents of Jackson City, asking them about the quantity of allergy medicine they would buy each allergy season at various prices. Their responses are shown in the accompanying table. Estimate and graph the demand for the entire town of Jackson City. Price Lee June Carlotta Eric   $8 8 5 6 9 $10 6 4 5 5 $12 4 3 4 3 $14 2 2 2 1 $18 0 1 1 0

You own the only pharmacy in the small town of Jackson City, which has 40,000 residents. You would like to get a sense of what the local demand is for seasonal allergy medicine so you can determine how many packages to keep in stock and what price to charge. You conduct a survey of four residents of Jackson City, asking them about the quantity of allergy medicine they would buy each allergy season at various prices. Their responses are shown in the accompanying table. Estimate and graph the demand for the entire town of Jackson City. Price Lee June Carlotta Eric   $8 8 5 6 9 $10 6 4 5 5 $12 4 3 4 3 $14 2 2 2 1 $18 0 1 1 0 I submitted this question earlier and I understand how to add up the market demand for each individual but I don't understand how to estimate the entire market demand for Jackson city which has 40,000 residents including the individuals listed in the chart. If you could please answer this specifically I would appreciate it.

A researcher wants to study about the behaviours of postgraduate students in Australia in mobile phone usage.  One of the goals of the study is to analyse whether there is a relationship between the type of apps that the students use the most and the degree they are studying.   What is the most suitable graph to see the relationship described above? Why?

Ypsilanti Market Research conducted a survey to find out whether people who earn more money purchase more expensive goods. The following graph indicates the relationship between income the survey subjects earned and the price of the car that they purchased. PRICE (Thousands of dollars per car) 50 45 40 5 0 0 10 20 30 40 50 60 80 70 INCOME (Thousands of dollars per year) 90 100

Exercise A.4. Explain what is the market power of a company. How can it be measured? What does it depend on? Graphically represent two companies, one with high market power and one with low market power.

PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 Demand D 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Oceans's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from MSY to ACY (Dollars per roundtrip) Room Rate at Meadows (Dollars per night) 350 150 50 200 250 ? For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $350 per room per night. If average household income increases by 20%, from $50,000 to $60,000 per year, the quantity of rooms demanded at the Oceans from rooms per night to rooms per night. Therefore, the income elasticity of demand is. , meaning that hotel rooms at the Oceans are If the price of an airline ticket from MSY to ACY were to increase by 10%, from $200 to $220 roundtrip, while all other demand factors remain at their initial values,…

What is the difference between an unbiased estimator and a consistentestimator?

Demand Factor Average American household income Roundtrip airfare from Des Moines (DSM) to Atlantic City (ACY) Room rate at the Continental Hotel and Casino, which is near the Rivers PRICE (Dollars per room) Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. 500 450 400 350 300 250 200 150 100 50 0 0 Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Rivers's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Initial Value $50,000 per year $200 per roundtrip $250 per night Airfare from DSM to ACY (Dollars per roundtrip) Room Rate at Continental (Dollars per night) 350 150 50 200 250 ?

Hayfever Farms is an 80‑acre hay farm in Colorado. Due to the legalization of marijuana production in the state, the owners are considering changing the farm's name to Blissful Acres and growing marijuana instead of hay. Use the information presented in the table to answer three questions. Number of acres MC $ MR $ (hay) MR $ (marijuana) 10 320 730 5,600 20 200 730 5,600 30 540 730 5,600 40 730 730 5,600 50 1,200 730 5,600 60 3,200 730 5,600 70 5,600 730 5,600 80 6,700 730 5,600 If they continue to grow only hay, how many acres should Hayfever Farms devote to growing hay in order to maximize profits? area devoted to hay:_______ acres   If the owners decide to only grow marijuana, how many acres should Blissful Acres devote to growing marijuana in order to maximize profits? area devoted to marijuana:_______ acres   Which outcome likely happens due to the legalization of marijuana production and consumption? The number of growers…

Alejandro is selling HDMI cables on eBay, and is trying to determine the best price to sell at.  For the last 10 weeks, he has adjusted his price slightly each week and tracked the number of cables he sold.  He plotted the results, and drew a line he feels fits the data well. Price ($) 3, 3.25, 3.5, 3.75, 4, 4.25, 4.5, 4.75, 5 Quantity Sold - 50, 100, 150, 200, 250   a) The line of best fit passes through the points (3.50, 230) and (4.75, 210).  Find an equation for the line.   Use variables: p for price in dollars, and Q for quantity of cables sold.     b) Using this model, predict the number of cables Alejandro would sell at a price of $3.65, to the nearest whole cable.   cables

You have been driving for about 3 hours early in the morning which of the following indicates that you might be fat

ECON131: Quantitative Methods in Economics – Business and Finance Assignment The City of Sydney is an area covering over 26km2 and is one of Australia’s most important social and economic centres. As part of Sydney 2030, a study into the city’s long-term sustainability, the city council committed to reducing its carbon footprint 70% over the next 20 years. A study found that around 31% of the city’s carbon emissions arise from public lighting. So, in 2011, the City of Sydney announced a project to replace its lighting systems with energy efficient LED lights. It would choose lighting systems based on both their economic and environmental value. After a consultation period, the City chose a supplier in late 2011 to replace 6,448 luminaries (lights).Before the project, suppose that the 6,448 luminaries slated for replacement consumed 5,252,613 kWh of electricity annually. In 2010/11, the annual lighting bill was $654,476. Suppose that the new LED…

The following data was collected to explore how the number of square feet in a house, the number of bedrooms, and the age of the house affect the selling price of the house. The dependent variable is the selling price of the house, the first independent variable (x1) is the square footage, the second independent variable (x2) is the number of bedrooms, and the third independent variable (x3) is the age of the house. Effects on Selling Price of Houses Square Feet Number of Bedrooms Age Selling Price 2750 5 14 296600 2696 5 11 294400 2523 4 7 281400 2057 4 7 240600 1797 4 5 208600 1767 4 5 196400 1684 4 4 171900 1554 3 4 162800 1521 3 3 144900 Copy Data Step 2 of 2: Determine if a statistically significant linear relationship exists between the independent and dependent variables at the 0.01 level of significance. If the relationship is statistically significant, identify the multiple regression equation that best fits the data, rounding the answers to three decimal places. Otherwise,…

The following data was collected to explore how the number of square feet in a house, the number of bedrooms, and the age of the house affect the selling price of the house. The dependent variable is the selling price of the house, the first independent variable (x1) is the square footage, the second independent variable (x2) is the number of bedrooms, and the third independent variable (x3) is the age of the house. Effects on Selling Price of Houses Square Feet Number of Bedrooms Age Selling Price 2750 5 14 296600 2696 5 11 294400 2523 4 7 281400 2057 4 7 240600 1797 4 5 208600 1767 4 5 196400 1684 4 4 171900 1554 3 4 162800 1521 3 3 144900 Step 1 of 2: Find the p-value for the regression equation that fits the given data. Round your answer to four decimal places. Copy Data

Consider the following data:Number of Customers a Restaurant Serves per Year Year 20002000 20012001 20022002 20032003 20042004 20052005 20062006 20072007 20082008 Customers 16,56516,565 17,13517,135 15,25815,258 14,36914,369 15,92915,929 16,76116,761 16,90216,902 18,65918,659 16,64616,646   Step 1 of 2 :   Find the two-period weighted moving average for the year 20072007 with weights of 33 (one time period in past) and 11 (two time periods in past). If necessary, round your answer to one decimal place.

What is “nonresponse”? Identify four types of nonresponse in surveys.

can you give the formulas for each question

The manager at a local fast-food restaurant is doing an inventory of the breakfast items sold last week to determine the least and most popular items served. The data is listed in the following table. Item Served Monday Tuesday Wednesday Thursday Friday Chicken Biscuit 22 38 26 34 10 Sausage Biscuit 14 12 30 11 33 Ham Biscuit 32 39 16 29 33 Bacon & Egg Biscuit 36 14 36 31 15 Gravy Biscuit 38 37 24 26 32 Oatmeal and Fruit 37 23 16 20 23 Breakfast Burrito 14 19 14 24 19 Step 1 of 2: Determine the frequency of the least popular item sold last week. Copy Data

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What are the properties of Ordinary Least Squares (OLS) estimators in basic econometrics? Discuss. (Maximum 250 words)

What are the three specific desirable characteristics of an estimator?

Note: chat gpt answers will be given down vote.

The manager at a local fast-food restaurant is doing an inventory of the breakfast items sold last week to determine the least and most popular items served. The data is listed in the following table. Item Served Monday Tuesday Wednesday Thursday Friday Chicken Biscuit 37 19 13 22 11 Sausage Biscuit 19 11 33 16 10 Ham Biscuit 28 31 32 32 24 Bacon & Egg Biscuit 35 30 38 18 10 Gravy Biscuit 23 18 10 34 29 Oatmeal and Fruit 17 25 13 18 10 Breakfast Burrito 23 22 16 37 26 Copy Data Step 2 of 2: Determine the relative frequency of the most popular item sold last week. Round your answer to three decimal places.

Ypsilanti Market Research conducted a survey to find out whether people who earn more money purchase more expensive goods. The following graph indicates the relationship between income the survey subjects earned and the price of the car that they purchased. The variable shown on the vertical axis is __________ (options: thousands of dollars per car, thousands of dollars per year, income, thousands of dollars, price, number of goods).   The units for the variable on the horizontal axis are _________ (options: thousands of dollars per car, thousands of dollars per year, income, thousands of dollars, price, number of goods).   There are two ways to view the information presented on the graph. First, the graph tells us the amount a person with a certain income is likely to spend on a car, and second, it tells us the probable income of a person who spent a certain amount on a car. For example, if an individual earned $50,000 last year and purchased a new car, you would expect that person to…

The Wall Street Journal’s website, www.wsj.com, reported the number of cars and light-duty trucks sold through October of 2014 and October of 2015. The top sixteen manufacturers are listed here. The sales information for all manufacturers can be accessed in a data file below.  Sales data are often reported in this way to compare current sales to last year’s sales.     Year-to-Date Sales   Manufacturer Through October 2015   Through October 2014   General Motors Corp. 2,562,840   2,434,707   Ford Motor Company 2,178,587   2,065,612   Toyota Motor Sales USA Inc. 2,071,446   1,975,368   Chrysler 1,814,268   1,687,313   American Honda Motor Co Inc. 1,320,217   1,281,777   Nissan North America Inc. 1,238,535   1,166,389   Hyundai Motor America 638,195   607,539   Kia Motors America Inc. 526,024   489,711   Subaru of America Inc. 480,331   418,497   Volkswagen of America Inc. 294,602   301,187   Mercedes-Benz 301,915   281,728   BMW of North America Inc.…

Define isthmus

A researcher wants to study about the behaviours of postgraduate students in Australia in mobile phone usage.  One of the goals of the study is to analyse whether there is a relationship between the amount of time they spend using the mobile phone and their gender.  What are the two variables involved to achieve that goal?