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Estimated Demand Function:ln(Q) = -6.758 – 2.116ln(P) + 1.331ln(l) – 0.44ln(A) + 2.99ln(Psub) + 0.908ln(Pop) Suppose we decide to charge a per ounce price of $2, while at the same time our rival charges a price of $2.15. All else equal, what would you ex

Estimated Demand Function:ln(Q) = -6.758 – 2.116ln(P) + 1.331ln(l) – 0.44ln(A) + 2.99ln(Psub) + 0.908ln(Pop) Suppose we decide to charge a per ounce price of $2, while at the same time our rival charges a price of $2.15. All else equal, what would you ex

College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.7: Probability
Problem 58E: What is meant by the sample space of an experiment?
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Estimated Demand Function:ln(Q) = -6.758 – 2.116ln(P) + 1.331ln(l) – 0.44ln(A) + 2.99ln(Psub) + 0.908ln(Pop)

  1. Suppose we decide to charge a per ounce price of $2, while at the same time our rival charges a price of $2.15. All else equal, what would you expect sales to be? How confident are you in your forecast? 
Q A Psub Рop Mean 34.822 1.990 29.040 4.631 2.113 123.395 Standard Error 1.353 0.016 0.444 0.187 0.022 3.205 Median 33.695 1.990 29.200 4.410 2.085 122.800 Standard Deviation 6.050 0.073 1.984 0.835 0.098 14.335 Sample Variance 36.602 0.005 3.935 0.697 0.010 205.496 Kurtosis 0.340 -1.323 1.368 -0.554 2.041 -0.743 Skewness -0.009 0.000 -0.882 0.397 1.120 0.089 Range 24.9 0.2 8.6 3.04 0.41 51.4 Minimum 20.84 1.89 23.8 3.39 1.98 98.7 Maximum 45.74 2.09 32.4 6.43 2.39 150.1 Sum 696.44 39.8 580.8 92.61 42.25 2467.9 Count 20 20 20 20 20 20 Correlation with Q 1.00 0.20 -0.24 0.71 0.69 0.40
Transcribed Image Text:Q A Psub Рop Mean 34.822 1.990 29.040 4.631 2.113 123.395 Standard Error 1.353 0.016 0.444 0.187 0.022 3.205 Median 33.695 1.990 29.200 4.410 2.085 122.800 Standard Deviation 6.050 0.073 1.984 0.835 0.098 14.335 Sample Variance 36.602 0.005 3.935 0.697 0.010 205.496 Kurtosis 0.340 -1.323 1.368 -0.554 2.041 -0.743 Skewness -0.009 0.000 -0.882 0.397 1.120 0.089 Range 24.9 0.2 8.6 3.04 0.41 51.4 Minimum 20.84 1.89 23.8 3.39 1.98 98.7 Maximum 45.74 2.09 32.4 6.43 2.39 150.1 Sum 696.44 39.8 580.8 92.61 42.25 2467.9 Count 20 20 20 20 20 20 Correlation with Q 1.00 0.20 -0.24 0.71 0.69 0.40
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