regression result for your product is shown in the table below:VariableParameter EstimatesStandard errorConstant-164.020.24Price of good X (P,)Price of good Y (P,)-3.501.552.500.28Per capita Income ()0.450.52R-squaredAdjusted R-squared0.86720.8132F-statistic15.6893a) Suppose the average price of 3 units of good X is GH¢12, price of 2 units of goodY isGHe60, the per capita income of Ghana is GH¢420.Write down the estimated demand equation for your firms product and interpretthe1.parameter estimates.I11.Determine the quantity of good X sold.111.Estimate the own price elasticity of demand and state the type of demand curveтуреirm has?yourWhat would be the effect of a price iıncrease on the firm's total revenue?iv.V.Assess the probable impact on your firm if the firm producing good Y decreasestheirprice by 10%.Explain the adjusted R-squaredIs the good X a normal or inferior good?vi.vii.viii.What is the relationship between good X and good Y?

Note: Since the original question has more than three subparts, we are going to answer first three…

regression result för your product is shown ifl 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. 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 1. 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 good 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.

regression result för your product is shown ifl 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. 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 1. 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 good 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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q1
Q4. The Omantel firm has estimate the Sales of fibre internet connections in Oman with the related to advertising expenditure made by the company over the past 26 months. Following is the firm estimated results of the regression equation. DEPENDENT VARIABLE: Y R-SQUARE F-RATIO P-VALUE ON F OBSERVATIONS: 26 0.85121212 8.747 0.0187 PARAMETER STANDARD VARIABLE ESTIMATE ERROR T-RATIO P-VALUE INTERCEPT 7.6 6.33232 1.200 0.2643969 3.53 0.52228 ? 0.0001428 a. What is the dependent and independent variables in the above regression equation of Omantel firm? b. Calculate the estimated t-ratio. Test the slope estimates for statistical significance at the 10 percent significance level. d. Interpret the coefficient of determination.
This is for exercises. a. Interpret the data.
(c) Diberi Jadual 3 Given Table 3 Jadual 3 Table 3 Dependent Variable: GNIG Method: Least Squares Sample: 1971 2020 Included observations: 50 Variable Coefficient Std. Error t-Statistic Prob. INV -0.029738 0.143418 -0.207349 0.8367 ME -0.403906 0.830281 -0.486469 0.6290 INF 0.171334 0.194713 0.879930 0.3837 GEXP 0.133799 0.126295 1.059421 0.2952 DUMMY -2.894680 1.990087 -1.454549 0.1529 -4.133286 6.959526 -0.593903 0.5556 R-squared Adjusted R-squared S.E. of regression Sum squared resid Log likelihood F-statistic Mean dependent var S.D. dependent var 0.191174 6.031855 0.099262 3.736466 5.481783 3.546176 Akaike info criterion 553.3159 Schwarz criterion 5.711226 -131.0446 Hannan-Quinn criter. 5.569156 1.529494 2.079971 Durbin-Watson stat Prob(F-statistic) 0.085970 di mana Dummy ialah pembolehubah dummi (D=0 untuk pra-krisis 2008; D=1 untuk pasca-krisis 2008) where Dummy, is dummy variable (D=0 for pre-crisis 2008; D=1 for post-crisis 2008) Kemelesetan besar, kemelesetan ekonomi yang…
Use the following STATA output to test whether the variable wgt is significant at 5% level: Source | SS df Number of obs = EC 3. Prob > F R-squared MS 392 300.76 0.0000 0.6993 Adj R-squared anba6970 4.2965 388) = Model Juu16656.4443 Residual 162,54916 5552.1481 388 18.4601782 Total Juu23818.9935 391 60.9181419 Root MSE Coef. Std. Err. P>It| [95% Conf. Interval] syl ena wat .2677968 -.012674 -.0057079 44.37096 .4130673 .0082501 .0007139 1.480685 -0.65 -1.54 -8.00 29.97 0.517 0.125 0.000 0.000 -1.079927 -.0288944 -.0071115 41.45979 .5443336 0035465 .0043043 47.28213 _cons The variable is not significant because p-value is less than 0.05. The variable is significant because p-value is less than 0.05. The variable is significant because p-value is less than 0.1. The variable is not significant because p-value is greater than 0.05
interpret the long-run and short-run elasticities
V3
3. (2) Find the slope and y-intercept: -2x + 5y = 15 Answer:
47°F Clear Consider the interval of random numbers presented below. The following random numbers have been generated: 99, 98. 26, 32, 49, 52, 33, 02, 09, 17. Simulate 10 hours of arrivals at this gas station based on the random numbers. What is the average number of arrivals during this period? Use the editor to former # of Cars 6 7 8 Interval of Random Numbers 01-20 21-48 49-84 85-00 Transcribed Image Text: Consider the interval of random numbers presented below. The following random numbers have been generated: 99, с
Under the least square procedure, the larger the û (in absolute terms), the larger the a. Standard error b. Regression error c. Sum of squares residuals d. Difference between the true parameter and the estimated parameter O a. a O b. b О с. с ○ d. d
3)
1. A Travel-Cost Method Now it is time for your first consulting job as an environmental economist. The Forest Service would like to know whether they should preserve some national forest land, previously slated to be logged, for hiking. You are helping do a travel-cost analysis to estimate the annual benefits of hiking in this area. Survey data has been gathered from 500 hikers who visited the forest last year. This forest did not charge an entrance fee. Using a statistical technique called regression analysis, you have controlled for differences in income, employment status, age, and other important factors that might affect the number of hiking trips taken. Taking these factors into account, you have developed the following relationship: Zone 1 2 3 Population in zone 1,000 3.000 2,000 Cost Per Hiking Trip Per Person 20 40 80 Hiking Trips Taken Per Zonal Person Per Year 8 6 2 where cost includes gas, tolls, fares, hotels, entry fees, and the value of time spent traveling. a. Graph a…