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The following linear demand specification is estimated for Conlan Enterprises, a price-setting firm: 1 Q = a +bP+cM +dPR where Q is the quantity demanded of the product Conlan Enterprises sells, P is the price of that product, Mis income, and PR is the price of a related product. The results of the estimation are presented below: DEPENDENT VARIABLE: QR-SQUARE P-VALUE ON F OBSERVATIONS: 32 0.7984 0.0001 F-RATIO 36.14 STANDARD ERROR PARAMETER VARIABLE ESTIMATE T-RATIO P-VALUE INTERCEPT 846.3000 76.7000 11.03 0.0001 P -8.6000 2.6000 -3.31 0.0026 M 0.0184 0.0048 3.83 0.0007 PR -4.3075 1.2300 -3.50 0.0016 Assume that the income is $10,000, the price of the related good is $40, and Conlan chooses to set the price of this product at $30. At the prices and income given above, Conlan can expect to sell. _units. Multiple Choice O 342 O 600 724 864 872 O O O

The following linear demand specification is estimated for Conlan Enterprises, a price-setting firm: 1 Q = a +bP+cM +dPR where Q is the quantity demanded of the product Conlan Enterprises sells, P is the price of that product, Mis income, and PR is the price of a related product. The results of the estimation are presented below: DEPENDENT VARIABLE: QR-SQUARE P-VALUE ON F OBSERVATIONS: 32 0.7984 0.0001 F-RATIO 36.14 STANDARD ERROR PARAMETER VARIABLE ESTIMATE T-RATIO P-VALUE INTERCEPT 846.3000 76.7000 11.03 0.0001 P -8.6000 2.6000 -3.31 0.0026 M 0.0184 0.0048 3.83 0.0007 PR -4.3075 1.2300 -3.50 0.0016 Assume that the income is $10,000, the price of the related good is $40, and Conlan chooses to set the price of this product at $30. At the prices and income given above, Conlan can expect to sell. _units. Multiple Choice O 342 O 600 724 864 872 O O O

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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The following linear demand specification is estimated for Conlan Enterprises, a price-setting firm: 1 Q = a +bP+cM + dPR where Q is the quantity demanded of the product Conlan Enterprises sells, P is the price of that product, Mis income, and PR is the price of a related product. The results of the estimation are presented below: P-VALUE ON F DEPENDENT VARIABLE: Q OBSERVATIONS: 32 R-SQUARE 0.7984 PARAMETER 0.0001 F-RATIO 36.14 STANDARD ERROR VARIABLE ESTIMATE T-RATIO -VALUE INTERCEPT 846.3000 76.7000 11.03 0.0001 P -8.6000 2.6000 -3.31 0.0026 M 0.0184 0.0048 3.83 0.0007 PR -4.3075 1.2300 -3.50 0.0016 Assume that the income is $10,000, the price of the related good is $40, and Conlan chooses to set the price of this product at $30. At the prices and income given above, Conlan can expect to sell _units. Multiple Choice O 342 600 O O O 724 864 872
Transcribed Image Text:The following linear demand specification is estimated for Conlan Enterprises, a price-setting firm: 1 Q = a +bP+cM + dPR where Q is the quantity demanded of the product Conlan Enterprises sells, P is the price of that product, Mis income, and PR is the price of a related product. The results of the estimation are presented below: P-VALUE ON F DEPENDENT VARIABLE: Q OBSERVATIONS: 32 R-SQUARE 0.7984 PARAMETER 0.0001 F-RATIO 36.14 STANDARD ERROR VARIABLE ESTIMATE T-RATIO -VALUE INTERCEPT 846.3000 76.7000 11.03 0.0001 P -8.6000 2.6000 -3.31 0.0026 M 0.0184 0.0048 3.83 0.0007 PR -4.3075 1.2300 -3.50 0.0016 Assume that the income is $10,000, the price of the related good is $40, and Conlan chooses to set the price of this product at $30. At the prices and income given above, Conlan can expect to sell _units. Multiple Choice O 342 600 O O O 724 864 872
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