ds of cement demanded monthly, P= the price of Stonebuilt's cement per yard, M= state tax revenues per capita, and PR = the price of a nager at Stonebuilt transforms the nonlinear relation into a linear relation for estimation. The estimation results are presented below: NT VARIABLE: LNQ R-SQUARE SERVATIONS: 64 P-VALUE ON F 0.0001 F-RATIO 0.8093 84.872 PARAMETER ESTIMATE STANDARD ABLE ERROR T-RATIO P-VALUE CEPT IP 8.20 -3.54 4.01 2.04 0.0461 0.0357 1.64 0.19 -2.16 3.38 0.64287 0.0014 PR 0.7854 0.38 2.07 0.0439 asphalt decreases 15%, the estimated quantity of cement demanded will: Choice increase 5.2%. Increase 11.8%. increase 1.18%. decrease 11.8%.
ds of cement demanded monthly, P= the price of Stonebuilt's cement per yard, M= state tax revenues per capita, and PR = the price of a nager at Stonebuilt transforms the nonlinear relation into a linear relation for estimation. The estimation results are presented below: NT VARIABLE: LNQ R-SQUARE SERVATIONS: 64 P-VALUE ON F 0.0001 F-RATIO 0.8093 84.872 PARAMETER ESTIMATE STANDARD ABLE ERROR T-RATIO P-VALUE CEPT IP 8.20 -3.54 4.01 2.04 0.0461 0.0357 1.64 0.19 -2.16 3.38 0.64287 0.0014 PR 0.7854 0.38 2.07 0.0439 asphalt decreases 15%, the estimated quantity of cement demanded will: Choice increase 5.2%. Increase 11.8%. increase 1.18%. decrease 11.8%.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
!
![Stonebuilt Concrete produces a specialty cement used in construction of roads. Stonebuilt is a price-setting firm and estimates the demand for its cement by the
state department of transportation using a demand function in the nonlinear form:
Q = a pb M pdr
where Q= yards of cement demanded monthly, P= the price of Stonebuilt's cement per yard, M= state tax revenues per capita, and PR = the price of asphalt per
yard. The manager at Stonebuilt transforms the nonlinear relation into a linear relation for estimation. The estimation results are presented below:
F-RATIO
84.872
STANDARD
P-VALUE ON F
DEPENDENT VARIABLE: LNQ R-SQUARE
OBSERVATIONS: 64
0.8093
0.0001
PARAMETER
VARIABLE
ESTIMATE
ERROR
T-RATIO
P-VALUE
INTERCEPT
LNP
2.04
-2.16
3.38
0.0461
0.0357
0.0014
0.0439
8.20
4.01
-3.54
0.64287
0.7854
1.64
LNM
0.19
LNPR
0.38
2.07
If the price of asphalt (PR) decreases 15%, the estimated quantity of cement demanded will:
Multiple Choice
increase 5.2%.
increase 11.8%.
increase 1.18%.
decrease 11.8%.
decrease 5.2%.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F44981d27-3ad5-4559-84ca-f527992597f6%2F36aedf17-b946-4ebc-a8ef-513ae5f61954%2Fsrnvyh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Stonebuilt Concrete produces a specialty cement used in construction of roads. Stonebuilt is a price-setting firm and estimates the demand for its cement by the
state department of transportation using a demand function in the nonlinear form:
Q = a pb M pdr
where Q= yards of cement demanded monthly, P= the price of Stonebuilt's cement per yard, M= state tax revenues per capita, and PR = the price of asphalt per
yard. The manager at Stonebuilt transforms the nonlinear relation into a linear relation for estimation. The estimation results are presented below:
F-RATIO
84.872
STANDARD
P-VALUE ON F
DEPENDENT VARIABLE: LNQ R-SQUARE
OBSERVATIONS: 64
0.8093
0.0001
PARAMETER
VARIABLE
ESTIMATE
ERROR
T-RATIO
P-VALUE
INTERCEPT
LNP
2.04
-2.16
3.38
0.0461
0.0357
0.0014
0.0439
8.20
4.01
-3.54
0.64287
0.7854
1.64
LNM
0.19
LNPR
0.38
2.07
If the price of asphalt (PR) decreases 15%, the estimated quantity of cement demanded will:
Multiple Choice
increase 5.2%.
increase 11.8%.
increase 1.18%.
decrease 11.8%.
decrease 5.2%.
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