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 Xa normal or inferior good? What is the relationship between good X and good Y? V. vi. vii. viii.
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 Xa normal or inferior good? What is the relationship between good X and good Y? V. vi. vii. viii.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Question
Solve iv , v, vi, vii, viii
Transcribed Image Text:regression result for your product is shown in 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
GHe60, the per capita income of Ghana is GH¢420.
Write down the estimated demand equation for your firms product and interpret
the
1.
parameter estimates.
I
11.
Determine the quantity of good X sold.
111.
Estimate the own price elasticity of demand and state the type of demand curve
туре
irm has?
your
What 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 decreases
their
price by 10%.
Explain the adjusted R-squared
Is the good X a normal or inferior good?
vi.
vii.
viii.
What is the relationship between good X and good Y?
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