DEPENDENT VARIABLEQcR- SQUAREP- VALUE ON F 640.80930.0001 INDEPENDENTVARIABLEPARAMETERESTIMATESTANDARDERRORT-RATIOP-VALUEINTERCEPT8.20 4.012.040.0461 PC-3.541.64-2.160.0357M0.642870.193.380.0014PA0.78540.382.070.0439 Explain the interceptand the coefficients of Pc, M, and PA.

The regression equation reveals how change in independent variables affects the dependent variable.

Answered: DEPENDENT VARIABLE Qc R- SQUARE P-…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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New ads have been proposed and cost the company $5000 to run in each time slot. If the extra sales from each new ad are determined be sales = 11000 - 30ad. How many ads should be run? (enter as an integer).
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regression result for your product is shown in the table below: Variable Parameter Estimates Standard error Constant -164.0 20.24 Price of good X (P,) Price of good Y (P,) -3.50 1.55 2.50 0.28 Per capita Income (/) 0.45 0.52 R-squared Adjusted R-squared 0.8672 0.8132 F-statistic 15.6893 a) Suppose the average price of 3 units of good X is GH¢12, price of 2 units of goodY is GH¢60, the per capita income of Ghana is GH¢420. i. Write down the estimated demand equation for your firm's product and interpret the parameter estimates. Determine the quantity of good X sold. Estimate the own price elasticity of demand and state the type of demand curve 11. 111. your firm has? What would be the effect of a price increase on the firm's total revenue? iv. Assess the probable impact on your firm if the firm producing geod Y decreases their price by 10%. Explain the adjusted R-squared Is the good X a normal or inferior good? What is the relationship between good X and good Y? V. vi. vii. viii..
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The function P(x) - 1.25x² + 775x - 7000 gives the profit when x units of a certain product are sold. Find a) the profit when 85 units are sold = dollars b) the average profit per unit when 85 units are sold dollars per unit c) the rate that profit is changing when exactly 85 units are sold dollars per unit d) the rate that profit changes on average when the number of units sold rises from 85 to 170. dollars per unit e) The number of units sold when profit stops increasing and starts decreasing. (Round to the nearest whole number if necessary.) units
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2. Consider the following regression model and the result of estimation: distance Bo + B,angle + u %3D Where: distance = distance (in feet) traveled by a baseball, angle = the angle (in degrees) the baseball was hit, %3! u= regression error. Dependent Variable: DISTANCE Method: Least Squares Sample: 1 13 Included observations: 13 Variable Coefficient Std. Error t-Statistic Prob. C. ANGLE 32.93084 0.785542 5.146819 1.981191 0.0003 0.0731 169.4891 1.556309 a) Breusch-Godfrey test has been performed that produced the following result. Discuss the test result. Breusch-Godfrey Serial Correlation LM Test: Null hypothesis: No serial correlation at up to 2 lags F-statistic 6.534685 Prob. F(2,9) 7.698535 Prob. Chi-Square(2) 0.0177 0.0213 Obs R-squared b) RESET test has been performed that produced the following result. Discuss the test result. Ramsey RESET Test Equation: EQ01 Specification: DISTANCE C ANGLE Omitted Variables: Powers of fitted values from 2 to 3 Value 475.8260 60.71504 df…

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DEPENDENT VARIABLE	Qc	R- SQUARE	P- VALUE ON F
	64	0.8093	0.0001

INDEPENDENT VARIABLE	PARAMETER ESTIMATE	STANDARD ERROR	T-RATIO	P-VALUE
INTERCEPT	8.20	4.01	2.04	0.0461

P_C	-3.54	1.64	-2.16	0.0357
M	0.64287	0.19	3.38	0.0014
P_A	0.7854	0.38	2.07	0.0439