At the 5% level of significance, which variables are statistically significant? If the price of cement per yard increases by 10, what will happen to the estimated quantity of cement demanded? What happens if it will increase by 20%? Given: The ATV Company produces a specialty cement used in the construction of roads. ATV is a price-setting firm and estimates the demandfor its cement using a demand function in the linear form:Q = f( P, M, PR)where Qc = demand for cement/month (in yards) Pc = the price of cement per yard, M = country's tax revenues per capita, and PR = the priceof asphalt per yard. The manager of ATV obtained the following results in her attempt to estimate the demand for cement in the succeedingmonths. The results are presented below:DEPENDENT VARIABLEQcR-SQUAREF-RATIOP-VALUE ON FOBSERVATIONS640.809384.8720.0001PARAMETERSTANDARD ERRORT-P-VALUEVARIABLEESTIMATERATIOINTERCEPT8.204.012.040.0461PC-3.541.64-2.160.0357M0.642870.193.380.0014PA0.78540.382.070.0439

At the 5% level of significance, the variables Pc (Price of cement per yard), M…

At the 5% level of significance, which variables are statistically significant? If the price of cement per yard increases by 10, what will happen to the estimated quantity of cement demanded? What happens if it will increase by 20%?

At the 5% level of significance, which variables are statistically significant? If the price of cement per yard increases by 10, what will happen to the estimated quantity of cement demanded? What happens if it will increase by 20%?

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter7: Analytic Trigonometry

Section7.6: The Inverse Trigonometric Functions

Problem 93E

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Equations and Inequations

Equations and inequalities describe the relationship between two mathematical expressions.

Linear Functions

A linear function can just be a constant, or it can be the constant multiplied with the variable like x or y. If the variables are of the form, x2, x1/2 or y2 it is not linear. The exponent over the variables should always be 1.

Question

At the 5% level of significance, which variables are statistically significant?
If the price of cement per yard increases by 10, what will happen to the estimated quantity of cement demanded? What happens if it will increase by 20%?

Given: The ATV Company produces a specialty cement used in the construction of roads. ATV is a price-setting firm and estimates the demand
for its cement using a demand function in the linear form:
Q = f( P, M, PR)
where Qc = demand for cement/month (in yards) Pc = the price of cement per yard, M = country's tax revenues per capita, and PR = the price
of asphalt per yard. The manager of ATV obtained the following results in her attempt to estimate the demand for cement in the succeeding
months. The results are presented below:
DEPENDENT VARIABLE
Qc
R-
SQUARE
F-RATIO
P-VALUE ON F
OBSERVATIONS
64
0.8093
84.872
0.0001
PARAMETER
STANDARD ERROR
T-
P-VALUE
VARIABLE
ESTIMATE
RATIO
INTERCEPT
8.20
4.01
2.04
0.0461
PC
-3.54
1.64
-2.16
0.0357
M
0.64287
0.19
3.38
0.0014
PA
0.7854
0.38
2.07
0.0439

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