You are the manager of a firm that sells a leading brand of alkaline batteries. Click on the link below to access data on the demand for your product. Specifically, the file contains data on the natural logarithm of your quantity sold, price, and the average income of consumers in various regions around the world. Use the information provided in the excel spreadsheet to perform a log-linear regression. Excel Data File Fill in your estimates below: Instruction: Enter a negative number if the coefficient estimate is negative, and round your response to two decimal places. InQ 1.07 Numeric Response Edit Unavailable. 1.07 incorrect. + 1.15 Numeric Response Edit Unavailable. 1.15 incorrect. InP + 4.4 Numeric Response Edit Unavailable. 4.4 incorrect. InM Determine the likely impact of a 3 percent decline in global income on the overall demand of your product. multiple choice Demand will fall by nearly 1%, and income elasticity is significantly less than zero. Demand will rise by nearly 10%, and income elasticity is significantly less than zero. Demand will rise by approximately 0.1%, but since income elasticity isn't significantly different from zero, it likely won't rise at all. Demand will decline by approximately 3%, but since income elasticity isn't significantly different from zero, it likely won't fall at all.

MACROECONOMICS FOR TODAY
10th Edition
ISBN:9781337613057
Author:Tucker
Publisher:Tucker
Chapter1: Introducing The Economic Way Of Thinking
Section1.A: Applying Graphics To Economics
Problem 7SQ
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You are the manager of a firm that sells a leading brand of alkaline batteries. Click on the link
below to access data on the demand for your product. Specifically, the file contains data on the
natural logarithm of your quantity sold, price, and the average income of consumers in various
regions around the world.
Use the information provided in the excel spreadsheet to perform a log-linear regression.
Excel Data File
Fill in your estimates below:
Instruction: Enter a negative number if the coefficient estimate is negative, and round your
response to two decimal places.
InQ 1.07 Numeric Response Edit Unavailable. 1.07 incorrect. + 1.15 Numeric Response Edit
Unavailable. 1.15 incorrect. InP + 4.4 Numeric Response Edit Unavailable. 4.4 incorrect. InM
Determine the likely impact of a 3 percent decline in global income on the overall demand of
your product.
multiple choice
Demand will fall by nearly 1%, and income elasticity is significantly less than zero.
Demand will rise by nearly 10%, and income elasticity is significantly less than zero.
Demand will rise by approximately 0.1%, but since income elasticity isn't significantly different
from zero, it likely won't rise at all.
Demand will decline by approximately 3%, but since income elasticity isn't significantly different
from zero, it likely won't fall at all.
Transcribed Image Text:You are the manager of a firm that sells a leading brand of alkaline batteries. Click on the link below to access data on the demand for your product. Specifically, the file contains data on the natural logarithm of your quantity sold, price, and the average income of consumers in various regions around the world. Use the information provided in the excel spreadsheet to perform a log-linear regression. Excel Data File Fill in your estimates below: Instruction: Enter a negative number if the coefficient estimate is negative, and round your response to two decimal places. InQ 1.07 Numeric Response Edit Unavailable. 1.07 incorrect. + 1.15 Numeric Response Edit Unavailable. 1.15 incorrect. InP + 4.4 Numeric Response Edit Unavailable. 4.4 incorrect. InM Determine the likely impact of a 3 percent decline in global income on the overall demand of your product. multiple choice Demand will fall by nearly 1%, and income elasticity is significantly less than zero. Demand will rise by nearly 10%, and income elasticity is significantly less than zero. Demand will rise by approximately 0.1%, but since income elasticity isn't significantly different from zero, it likely won't rise at all. Demand will decline by approximately 3%, but since income elasticity isn't significantly different from zero, it likely won't fall at all.
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