1. Given the following hypothetical data, Answer the following questions. OBS 1 3. 4 7. 8 10 11 13 14 10 15 9. 16 35 14 80 9. 8. 6. 7. 30 40 Y 80 100 100 110 120 10 90 200 100 45 75 100 45 45 Y = a +BX+ ei Where OBS.. Numbers of observation. X....consumers income. Y. Quantity demand for a given product 2..... Then compute: A. Parameters and their Economic interpretation B. Estimate the quantity demand for the product in year 2020 if the average consumer's income is assumed to be $10,000. C. Depending on the estimated quantity demand obtained, what would be the minimum cost %3D of production if the production function is Biven as Q = 0.5L02K° 75 and the minimum cost function is given as C = 10L+20K. 25

1. Given the following hypothetical data, Answer the following questions. OBS 1 3. 4 7. 8 10 11 13 14 10 15 9. 16 35 14 80 9. 8. 6. 7. 30 40 Y 80 100 100 110 120 10 90 200 100 45 75 100 45 45 Y = a +BX+ ei Where OBS.. Numbers of observation. X....consumers income. Y. Quantity demand for a given product 2..... Then compute: A. Parameters and their Economic interpretation B. Estimate the quantity demand for the product in year 2020 if the average consumer's income is assumed to be $10,000. C. Depending on the estimated quantity demand obtained, what would be the minimum cost %3D of production if the production function is Biven as Q = 0.5L02K° 75 and the minimum cost function is given as C = 10L+20K. 25

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter2: Fundamental Economic Concepts

Section: Chapter Questions

Problem 5E

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