ATV is a price-setting firm and estimates the demand for its cement using a demand function in the linear form:Q = f( P, M, PR) where Qc = demand for cement/month (in yards) Pc = the price of cement per yard, M = country’s tax revenues per capita, and PR = the price of asphalt per yard.DEPENDENT VARIABLEQcR- SQUAREP- VALUE ON F 640.80930.0001 INDEPENDENTVARIABLEPARAMETERESTIMATESTANDARDERRORT-RATIOP-VALUEINTERCEPT8.20 4.012.040.0461 PC-3.541.64-2.160.0357M0.642870.193.380.0014PA0.78540.382.070.043910. Write the resulting regression equation.

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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ATV is a price-setting firm and estimates the demand for its cement using a demand function in the linear form:

Q = f( P, M, P_R) where Qc = demand for cement/month (in yards) Pc = the price of cement per yard, M = country’s tax revenues per capita, and P_R = the price of asphalt per yard.

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

10. Write the resulting regression equation.

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