Table 1 shows measures of the percentage change in the price for electricity (column 1), the final consumption of electricity (column 2), and the mean income (adjusted for inflation) (column 3) in the UK between 2013 and 2022. Table 1: Electricity Prices, Consumption and Income in the UK. (1) Percentage change over 12 months - UK Electricity (2) ElectricityFinal UK Consumption (Temperature corrected) 27,116 (3) Mean real equivalised household disposable income of individuals (adjusted for CPI) - UK Year RPI 2013 7.4 34735 2014 5.5 26,501 36153 2015 -0.3 26,313 36875 2016 -0.2 26,152 38078 2017 6.7 25,920 37956 2018 8.6 25,870 37330 2019 7.2 25,472 37724 2020 0.2 24,297 39218 2021 6.6 24,622 38994 2022 49.1 23,538 39328 Source: OfS (2024) You are working as an economist for the National Grid company, and they need to predict what will happen to electricity consumption in 2023. The percentage change in electricity RPI is expected to be 13.7% in 2023. Your manager has asked you to: (a) Suggest a demand function to use in the modelling of future consumption and explain why this is appropriate based on Table 1; (b) Suggest other data that would be useful in making the prediction.

Table 1 shows measures of the percentage change in the price for electricity (column 1), the final consumption of electricity (column 2), and the mean income (adjusted for inflation) (column 3) in the UK between 2013 and 2022. Table 1: Electricity Prices, Consumption and Income in the UK. (1) Percentage change over 12 months - UK Electricity (2) ElectricityFinal UK Consumption (Temperature corrected) 27,116 (3) Mean real equivalised household disposable income of individuals (adjusted for CPI) - UK Year RPI 2013 7.4 34735 2014 5.5 26,501 36153 2015 -0.3 26,313 36875 2016 -0.2 26,152 38078 2017 6.7 25,920 37956 2018 8.6 25,870 37330 2019 7.2 25,472 37724 2020 0.2 24,297 39218 2021 6.6 24,622 38994 2022 49.1 23,538 39328 Source: OfS (2024) You are working as an economist for the National Grid company, and they need to predict what will happen to electricity consumption in 2023. The percentage change in electricity RPI is expected to be 13.7% in 2023. Your manager has asked you to: (a) Suggest a demand function to use in the modelling of future consumption and explain why this is appropriate based on Table 1; (b) Suggest other data that would be useful in making the prediction.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 1.1CE

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