Question 4.04 TABLE 1 Q Q* 10 13 12

Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter21: Production And Costs
Section21.5: Production And Costs In The Long Run
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Question 4.04
TABLE 1
Q
Q*
8
10
13
12
16
15
11
12
From Table 1 above, calculate R-squared.
Round to two decimal places.
Answer:
.01
Transcribed Image Text:Question 4.04 TABLE 1 Q Q* 8 10 13 12 16 15 11 12 From Table 1 above, calculate R-squared. Round to two decimal places. Answer: .01
Expert Solution
Step 1

Here we know that, R- squared is known as the correlation coefficient.

Mean of Q (Q¯) = 8+13+16+114

                  =48/4

                  =12

Mean of Q*  (Q*¯)= 10+12+15+124=49/4=12.25

 

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