In the model 1n (Y;) = Po+P₁X; +μ₁, the elasticity of E(YX) with respect to X is: OA. B1- B. cannot be calculated because the function is nonlinear. C. B₁x Po+BqX OD. P₁x.
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- using picture attached Over the range from $20 to $18, Qd goes from 12 to 17. Using this range of prices and quantities, you should calculate the coefficient of price elasticity of demand. In the box labeled H1, the coefficient of price elasticity of demand is: 3.28 5 3.01 2.97 In box H2, you would interpret the coefficient calculated in the previous question. Therefore, you would characterize this range as: Elastic Unit Elastic Inelastic None of the Above Using the dataset above, if prices increased from $8 to $10, then Total Revenue will: Increase Decrease None of the abovePlease answer correct Don't answer by pen paper your marketing research department estimates that the log-linear demand function for your product is ln qd = 8.7 - 1.6lnp. the standard error of the coefficent for lnp is 0.3, and the 95 percent confidence interval runs from -2.2 to -1.0. at a price of $30, what is the predicted price elasticity of demand? calculate the 95% confidence interval for the elasticity using the 95 percent confidence interval for the estimates coefficient.The demand function for good X is ln Qdx= a + b ln Px + c ln M + e, where Px is the price of good X and M is income. Least squares regression reveals that â = 7.42, b ˆ = −2.18, and ĉ = 0.34. a. If M = 55,000 and Px = 4.39, compute the own price elasticity of demand based on these estimates. Determine whether demand is elastic or inelastic. b. If M = 55,000 and Px = 4.39, compute the income elasticity of demand based on these estimates. Determine whether X is a normal or inferior good.
- With Panel Data, if we assume that the individual effects vi are not correlated with the regressors Xit (i.e. E(vi|Xit) = 0), which one of the following statements is correct: The Fixed Effects estimator is not consistent. Both the OLS and the Random Effects estimators are not consistent. The OLS estimator is not consistent, but the Random Effects estimator is consistent. The OLS and the Random Effects estimator are consistent. All of the above. None of the aboveIn an OLS regression, which value represents the "best" R2 in terms of explained variance in the dependent variable? A. 2.53 B. 16.22 C. .001 D. 0.53As a manager of a small software retailing company, you are concerned with projected profit next year. While profit can be determined as the difference between sales and maintenance cost, or in symbols, P = S - M, where P is profit, S is sales, and M is maintenance cost including technical support. It is argues that when sales goes up so does maintenance cost because the cost of technical support will go up. Further, it is measured that the correlation between S and M is 0.8. Now given the figure that sales next year is expected to be $300 thousand with standard deviation of $4 thousand and maintenance cost is expected to be $150 thousand with standard deviation of $6 thousand, what would be the expected profit and its standard deviation you will include in your report?
- potter makes and sells ceramic bowls. It is observed that when the price is $32, only 9 bowls are sold in a week; but when the price decreases to $10, weekly sales rise to 20. Assuming that demand can be modelled by a linear function, (a) obtain a formula for Pin terms of Q (b) Calculate for the slope of the curve if the relationship between p and Q is linear. (c) comment on the likely reliability of the modelThe demand equation for cans of chicken is Qd= 60-3p Suppose the price of a can of chicken increases from $5 to $10. The price elasticity of demand is _________ (use decimals if necessary). We classify this price elasticity of demand as ____ over the $5 to $10 price change. A. Elastic B.Inelastic C.Unit elasticPlease solve questions 15, 16 and 17. The multivariate demand function below will be needed for questions 12-18. Setting: Grapple, Inc. is a leading seller of laptop personal computers. However, they want to become a leading tablet seller, too. Your marketing department, aided by your economics staff, has estimated a function to help you in the quest for market leader in tablets. The variables are defined after the function. Qg = 10000 - 25Pg + 20Ph + 30Pr - 15dv - 35Psc - 10Pmm + 0.05Ag + 0.03A -25C + 0.1Y Qg = the number of Grapple tablet computers demanded per week. Pg = the price of each new Grapple tablet (in $). Ph = the price of each Hewpaq tablet (in $). Pr = the price of each Ronova tablet. Pdv = the price to equip a tablet with Holographic digital video (in $, this is an upgrade option that enables three-dimensional graphics on a tablet. Two-dimensional graphics is standard equipment). Psc = the price of various screen sizes (in $, a 8 inch is…
- The formula to calculate elasticity using the arc method is given below: E=Q2-Q1Q1+Q22P2-P1P1+P22Where,Q1= initial quantityQ2=new quantityP1=initial priceP2=new price E=340-306306+340221-2424+212E=34323-322.5E=34×22.5323×-3E=765-969E=-0.79 The value of elasticity in absolute terms is 0.79. Since the value of elasticity in absolute terms is less than one (0.79<1) the demand is inelastic. Can you put the above in correct format as per the formolation i get the answer different so not sure if i am doing something wrong see pic.A firm is faced with the following demand function (estimated in a regression equation based onpast data).QX = 200 – 4PX , where current price (PX ) = $30The firm is thinking of reducing price to $25 because someone suggested that wouldbring in more revenue. a. What is the own-price elasticity of demand? (show absolute value)b. Is the demand function elastic, inelastic or unitary elastic at a price of $30?c. Will the price reduction bring in more revenue?1) In the method,two independent variable are assumed to have; a)Low collinearity b)High collinearity c)No collinearity d)Perfect collinearity 2) If variance of coefficient cannot be applied, we cannot conduct test for; a) Correlation b) Determination c)Significant d) Residual term