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- n one sentence, what does it mean for an estimator to be consistent? (Hint: you do not need to state the formal definition of consistency)According to Exhibit A-5, what is the relationshipbetween the price per pizza and the quantityof pizzas purchased?a. Directb. Inversec. Complexd. Independent(A) Phoenix Lumber Company uses the number of construction permits issued to help estimate demand (sales). The firm collected the following data on annual sales and number of construction permits issued in its market area: No. of Construction Sales Year Permits Issued (000) (1,000,000) 2003 6.50 10.30 2004 6.20 10.10 2005 6.60 10.50 2006 7.30 10.80 2007 7.80 11.20 2008 8.20 11.40 2009 8.30 11.30 (a) Which variable is the dependent variable and which is the independent variable? (b) Determine the estimated regression line. (c) Calculate the coefficient of determination. Give an economic interpretation to the value obtained. (d) Suppose that 8,000 construction permits are expected to be issued in 2010. What would be the point estimate of Phoenix Lumber Company's sales for 2010? Q 3. (B) Following output for the multiple regression problem shows…
- What is meant by the efficiency of an estimator? Which estimator is knownas BLUE?The variable shown on the vertical axis is _________ . The units for the variable on the horizontal axis are __________ . 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 $40,000 last year and purchased a new car, you would expect that person to have paid about _________ for the car. Similarly, if someone just paid $25,000 for a car, you could use this graph to estimate that this person's income was probably around __________ .The slope of the line between points a and b is 4 .25 -4 -.25
- For the straight line defined by the points (1,53) and (3,91) , determine the slope ( ? ) and y-intercept ( ? ). Do not round the answers.In the equation S = 130 – 2T, where S is hot chocolate sales and T is temperature, sales _____ if temperature increases by 10 degrees. A. increase by 20 B. decrease by 20 C. increase by 2 D. decrease by 2Look at Figure, which shows the inverse relationship between ticket prices and game attendance at Gigantic State University. (a) Interpret the meaning of both the slope and the intercept. (b) If the slope of the line were steeper, what would that say about the amount by which ticket sales respond to increases in ticket prices? (c) If the slope of the line stayed the same but the intercept increased, what can you say about the amount by which ticket sales respond to increases in ticket prices?
- G. Thumb, the leading salesperson for the Moe D. Lawn Landscaping Company, turned in the following summary of sales for the week of October 23–28: Date No. of Clients Oct. 23 13 Oct. 24 8 Oct. 25 10 Oct. 26 15 Oct. 27 10 Oct. 28 22 Find the mean, median, and mode. (If an answer does not exist, enter DNE.) mean clients median clients mode clientsConsider the function Y = *square root*pXZ where X > 0 and Z > 0. Draw the contour lines (in the positive quadrant) for this function for Y = 4, Y = 5, and Y = 10. What do we call the shape of these contour lines? Where does the line 20X + 10Z = 200 intersect with the contour lineY = 50?Define metrics.