Calculus: Early Transcendentals
8th Edition
ISBN: 9781285741550
Author: James Stewart
Publisher: Cengage Learning
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The input-output (consumption) matrix for an input-output model is given below. Is this the consumption matrix for a closed or an open model?
⎡⎢⎣0.050.420.180.150.130.070.80.450.75⎤⎥⎦
- open
- closed
- neither
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- Describe the patterns in quantity sold and own and rival prices during this time period using basic descriptive statistics. Graphs are welcome as well. Take the logs of the variables, and estimate the demand function. Interpret the R-square. Interpret the coefficients for logP and logPsub Interpret the p-values associated with each independent variable Are consumers price sensitive? Why or why not? (be as precise as you can – you have estimates!). Does this price sensitivity make sense given the good we are examining? How sensitive are our consumers to changes in the rival good’s price? Explain in detail. 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? Suppose we are charging a price of $2 and our current marginal cost is $1.50 Are we maximizing profits at this price? If not, should we raise or lower price? Why?arrow_forwardIn agricultural economics, a “supply response function” describes how supply of a commodity responds to changes in the price of that commodity. Year Seeded Area (hectares) Harvested Area (hectares) Average Yield (kg per ha) Production (tonnes) Price per Tonne ($/tonne) 1966 1,317,000 1,317,000 1,630 2,150,000 65 1967 1,424,000 1,424,000 1,720 2,449,000 60 1968 1,376,000 1,376,000 1,800 2,477,000 48 1969 1,012,000 1,012,000 1,720 1,742,000 46 1970 567,000 567,000 1,465 830,000 52 1971 1,019,000 1,019,000 1,975 2,014,000 50 1972 1,052,000 1,052,000 1,785 1,878,000 68 1973 1,214,000 1,214,000 1,725 2,095,000 158 1974 1,133,000 1,133,000 1,415 1,605,000 147 1975 1,255,000 1,255,000 1,690 2,123,000 130 1976 1,538,000 1,538,000 1,820 2,803,000 103 1977 1,295,000 1,295,000 2,125 2,749,000 98 1978 1,376,000 1,376,000 2,055 2,831,000 133 1979 1,214,000 1,214,000 1,680 2,041,000 170 1980 1,336,000 1,336,000 1,425 1,905,000 203 1981 1,577,900 1,577,900…arrow_forwardIn agricultural economics, a “supply response function” describes how supply of a commodity responds to changes in the price of that commodity. (production is the dependent variable,Independent variable: Price) Dataset: Year Seeded Area (hectares) Harvested Area (hectares) Average Yield (kg per ha) Production (tonnes) Price per Tonne ($/tonne) 1966 1,317,000 1,317,000 1,630 2,150,000 65 1967 1,424,000 1,424,000 1,720 2,449,000 60 1968 1,376,000 1,376,000 1,800 2,477,000 48 1969 1,012,000 1,012,000 1,720 1,742,000 46 1970 567,000 567,000 1,465 830,000 52 1971 1,019,000 1,019,000 1,975 2,014,000 50 1972 1,052,000 1,052,000 1,785 1,878,000 68 1973 1,214,000 1,214,000 1,725 2,095,000 158 1974 1,133,000 1,133,000 1,415 1,605,000 147 1975 1,255,000 1,255,000 1,690 2,123,000 130 1976 1,538,000 1,538,000 1,820 2,803,000 103…arrow_forward
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