SavedThe table below depicts the relationship between the price level and aggregate demand and aggregate supply.Aggregate Demand and Aggregate SupplyShort-RunLong-RunAggregatePrice LevelDemand (inAggregateAggregatemillions)Supply (inSupply (inmillions)millions)90$500$50$20095400100200100300150200105200200200110100250200What is the market equilibrium?Multiple Choicea price level of 100 and real GDP of $200 milliona price level of 90 and real GDP of $500 milliona price level of 200 and real GDP of $105 milliona price level of 105 and real GDP of $200 millionMacBook Pro

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Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

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Describe the patterns in quantity sold and own and rival prices during this time period using basic descriptive statistics. Graphs are welcome as well. Take the logs of the variables, and estimate the demand function. Interpret the R-square. Interpret the coefficients for logP and logPsub Interpret the p-values associated with each independent variable Are consumers price sensitive? Why or why not? (be as precise as you can – you have estimates!). Does this price sensitivity make sense given the good we are examining? How sensitive are our consumers to changes in the rival good’s price? Explain in detail. Suppose we decide to charge a per ounce price of $2, while at the same time our rival charges a price of $2.15. All else equal, what would you expect sales to be? How confident are you in your forecast? Suppose we are charging a price of $2 and our current marginal cost is $1.50 Are we maximizing profits at this price? If not, should we raise or lower price? Why?
A The table below show data that has been collected from different fields from various farms in a certain valley. The table contains the grams of Raspberries tested and the amount of their Vitamin C content in mg. Find a linear model that express Vitamin C content as a function of the weight of the Raspberries. Round your answers to 3 decimal places Y Raspberry Type Farm A - North Field Farm B North Field Farm A South Field Farm B South Field Farm C-Small Field Farm D Farm E x+ grams 45 60 75 90 105 120 135 Vitamin C content in mg 7.3 13.9 21 27.2 33.6 41.4 48.7
How much should a healthy Shetland pony weigh? Let x be the age of the pony (in months), and let y be the average weight of the pony (in kilograms). x 3 6 12 20 26 y 60 95 140 160 189 (a) Make a scatter diagram of the data and visualize the line you think best fits the data. Flash Player version 10 or higher is required for this question. You can get Flash Player free from Adobe's website. (b) Would you say the correlation is low, moderate, or strong? low moderate strong Would you say the correlation is positive or negative? positive negative (c) Use a calculator to verify that x = 67, x2 = 1265, y = 644, y2 = 93,546, and xy = 10,544. Compute r. (Round your answer to three decimal places.) As x increases from 3 to 26 months, does the value of r imply that y should tend to increase or decrease? Explain your answer. Given our value of r, y should…
In agricultural economics, a “supply response function” describes how supply of a commodity responds to changes in the price of that commodity. (production is the dependent variable,Independent variable: Price) Dataset: Year Seeded Area (hectares) Harvested Area (hectares) Average Yield (kg per ha) Production (tonnes) Price per Tonne ($/tonne) 1966 1,317,000 1,317,000 1,630 2,150,000 65 1967 1,424,000 1,424,000 1,720 2,449,000 60 1968 1,376,000 1,376,000 1,800 2,477,000 48 1969 1,012,000 1,012,000 1,720 1,742,000 46 1970 567,000 567,000 1,465 830,000 52 1971 1,019,000 1,019,000 1,975 2,014,000 50 1972 1,052,000 1,052,000 1,785 1,878,000 68 1973 1,214,000 1,214,000 1,725 2,095,000 158 1974 1,133,000 1,133,000 1,415 1,605,000 147 1975 1,255,000 1,255,000 1,690 2,123,000 130 1976 1,538,000 1,538,000 1,820 2,803,000 103…
Objective [2.6] Situation: The Ipod Touch has been out for two years now and a lot of data has been collected. Relevant Relationship: There is a functional relationship between Price of an IPod Touch,p and Weekly Demand,s. Below is a table of data that have been collected Price,p,($) Weekly Demand, s,(1,000s) 150 170 190 210 230 250 215 202 198 188 178 171 A.. Find the linear model that best fits this data using regression and enter the model below (for entry round the linear parameter value to nearest 0.01 and constant parameter to nearest 1) S = T(p) = B. The squared correlation coefficient was Select an answer 0.95 (note: values less than 0.95 MAY mean the model is not appropriate for making predictions) Now answer these two questions using the UNROUNDED model parameters C. What does the model predict will be the weekly demand if the price of an ipod touch is $235 ? (nearest 100) D. According to the model at what should the price be set in order to have a weekly demand of 202,800…
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Study Time (Hours) Exam Score (Points) 0 10 2 30 4 50 6 70 8 90 100 b. Which is the dependent variable and which is the independent variable? Dependent variable: Exam score Independent variable: Study time c. Summarize the data in equation form (assuming a decrease from 4 hours of study time to 2 hours) Instructions: Enter your answers as whole numbers. )( Exam Score=

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