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imation of demand function using econometrics te

Algebra for College Students

10th Edition

ISBN:9781285195780

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter10: Exponential And Logarithmic Functions

Section10.2: Applications Of Exponential Functions

Problem 47PS

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

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Explain the steps of estimation of demand function using econometrics techniques in your own words?

Expression, rule, or law that gives the relationship between an independent variable and dependent variable. Some important types of functions are injective function, surjective function, polynomial function, and inverse function.

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Explain in your own words the relationship between price elasticity of demand and total revenue. Give an example.
Explain why a decreasing demand function has a negative elasticityfunction.
Price elasticity of demand (supply) or simply elasticity of demand (supply) measures the relative or percentage variation experienced by the quantity demanded (supplied) as a consequence of a change in the price of one percent (1%); In other words, it measures the intensity with which buyers (sellers) respond to a change in the priceprice. Elasticity is often used with respect to the price-demand relationship or the price-supply relationship, but the applicability of this concept is not restricted to that single case, but is broader, since the elasticity is calculated in percentages, since it is the only way to obtain a common unit of measure. When calculating the elasticity in arelationship, the units of measurement are maintained, therefore, they do not measure a proportional change, but a propensity, such as the well-known propensit to Keynesian consumption. The rate at which the selling price changes and from a product, with respect to its supply "x", is given by the following…
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Describe the results of your two graphs as they compare to the movement of demand. Be specific. Choosing between the three-period and the five-period forecasts, which length of averaging would you use as a purchasing manager of Greenfield’s Tannery? Be sure to factor in the cumulative forecast errors in your answer. Also, make sure you include some rationale about why you are picking the method you do for this particular business. So for example, does picking one method over the other have any impact on how much inventory they will have on hand to meet customer demand? What happens when the demand drops? Which method better supports that?