the Spending category that claimed the major share of federal outlays during 1960’s and during the most recent decade. Concept Introduction: The federal budget is used to finance a variety of federal expenses, which range from paying federal employees, disbursing agricultural subsidies and paying for U.S. military equipment. It is an itemized plan for the annual public expenditures of the United States.

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Answer 1

Question

Chapter 12, Problem 1.1PA

To determine

the Spending category that claimed the major share of federal outlays during 1960’s and during the most recent decade.

Concept Introduction: The federal budget is used to finance a variety of federal expenses, which range from paying federal employees, disbursing agricultural subsidies and paying for U.S. military equipment. It is an itemized plan for the annual public expenditures of the United States.

Expert Solution & Answer

Explanation of Solution

Spending by the Federal Government is inclusive in the fields of human resource, including income maintenance, health, support for the elderly and disabled, and education and training. Spending on national defense claimed largest share of federal outlays during the 1960’s. Spending on national defense constituted between 40-50% of federal outlays. It had been over 70 percent for 1942 through 1946, with a maximum of 89.5% in 1945. However, the share towards national defense declined to be only 18% in 2013. During the most recent decade, federal government has moved its spending focus from national defense to redistribution of income. Programs such as social security, Medicare and other welfare related programs account for majority of federal spending. In recent decade, social security and Medicare accounted for around 35% of federal outlays. The share going towards such programs that aid the elderly has been more than double of that being proportioned between 1960 and 2013. If we combine welfare spending to social security and Medicare, around 50% of outlays is for these programs.

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Problem 3 You are given the following demand for European luxury automobiles: Q=1,000 P-0.5.2/1.6 where P-Price of European luxury cars PA = Price of American luxury cars P, Price of Japanese luxury cars I= Annual income of car buyers Assume that each of the coefficients is statistically significant (i.e., that they passed the t-test). On the basis of the information given, answer the following questions 1. Comment on the degree of substitutability between European and American luxury cars and between European and Japanese luxury cars. Explain some possible reasons for the results in the equation. 2. Comment on the coefficient for the income variable. Is this result what you would expect? Explain. 3. Comment on the coefficient of the European car price variable. Is that what you would expect? Explain.

Problem 2: A manufacturer of computer workstations gathered average monthly sales figures from its 56 branch offices and dealerships across the country and estimated the following demand for its product: Q=+15,000-2.80P+150A+0.3P+0.35Pm+0.2Pc (5,234) (1.29) (175) (0.12) (0.17) (0.13) R²=0.68 SER 786 F=21.25 The variables and their assumed values are P = Price of basic model = 7,000 Q==Quantity A = Advertising expenditures (in thousands) = 52 P = Average price of a personal computer = 4,000 P. Average price of a minicomputer = 15,000 Pe Average price of a leading competitor's workstation = 8,000 1. Compute the elasticities for each variable. On this basis, discuss the relative impact that each variable has on the demand. What implications do these results have for the firm's marketing and pricing policies? 2. Conduct a t-test for the statistical significance of each variable. In each case, state whether a one-tail or two-tail test is required. What difference, if any, does it make to…

You are the manager of a large automobile dealership who wants to learn more about the effective- ness of various discounts offered to customers over the past 14 months. Following are the average negotiated prices for each month and the quantities sold of a basic model (adjusted for various options) over this period of time. 1. Graph this information on a scatter plot. Estimate the demand equation. What do the regression results indicate about the desirability of discounting the price? Explain. Month Price Quantity Jan. 12,500 15 Feb. 12,200 17 Mar. 11,900 16 Apr. 12,000 18 May 11,800 20 June 12,500 18 July 11,700 22 Aug. 12,100 15 Sept. 11,400 22 Oct. 11,400 25 Nov. 11,200 24 Dec. 11,000 30 Jan. 10,800 25 Feb. 10,000 28 2. What other factors besides price might be included in this equation? Do you foresee any difficulty in obtaining these additional data or incorporating them in the regression analysis?

Answer 2

Question

Chapter 12, Problem 1.1PA

To determine

the Spending category that claimed the major share of federal outlays during 1960’s and during the most recent decade.

Concept Introduction: The federal budget is used to finance a variety of federal expenses, which range from paying federal employees, disbursing agricultural subsidies and paying for U.S. military equipment. It is an itemized plan for the annual public expenditures of the United States.

Expert Solution & Answer

Explanation of Solution

Spending by the Federal Government is inclusive in the fields of human resource, including income maintenance, health, support for the elderly and disabled, and education and training. Spending on national defense claimed largest share of federal outlays during the 1960’s. Spending on national defense constituted between 40-50% of federal outlays. It had been over 70 percent for 1942 through 1946, with a maximum of 89.5% in 1945. However, the share towards national defense declined to be only 18% in 2013. During the most recent decade, federal government has moved its spending focus from national defense to redistribution of income. Programs such as social security, Medicare and other welfare related programs account for majority of federal spending. In recent decade, social security and Medicare accounted for around 35% of federal outlays. The share going towards such programs that aid the elderly has been more than double of that being proportioned between 1960 and 2013. If we combine welfare spending to social security and Medicare, around 50% of outlays is for these programs.

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Answer 3

Question

Chapter 12, Problem 1.1PA

To determine

the Spending category that claimed the major share of federal outlays during 1960’s and during the most recent decade.

Concept Introduction: The federal budget is used to finance a variety of federal expenses, which range from paying federal employees, disbursing agricultural subsidies and paying for U.S. military equipment. It is an itemized plan for the annual public expenditures of the United States.

Expert Solution & Answer

Explanation of Solution

Spending by the Federal Government is inclusive in the fields of human resource, including income maintenance, health, support for the elderly and disabled, and education and training. Spending on national defense claimed largest share of federal outlays during the 1960’s. Spending on national defense constituted between 40-50% of federal outlays. It had been over 70 percent for 1942 through 1946, with a maximum of 89.5% in 1945. However, the share towards national defense declined to be only 18% in 2013. During the most recent decade, federal government has moved its spending focus from national defense to redistribution of income. Programs such as social security, Medicare and other welfare related programs account for majority of federal spending. In recent decade, social security and Medicare accounted for around 35% of federal outlays. The share going towards such programs that aid the elderly has been more than double of that being proportioned between 1960 and 2013. If we combine welfare spending to social security and Medicare, around 50% of outlays is for these programs.

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Answer 4

Question

Chapter 12, Problem 1.1PA

To determine

the Spending category that claimed the major share of federal outlays during 1960’s and during the most recent decade.

Concept Introduction: The federal budget is used to finance a variety of federal expenses, which range from paying federal employees, disbursing agricultural subsidies and paying for U.S. military equipment. It is an itemized plan for the annual public expenditures of the United States.

Expert Solution & Answer

Explanation of Solution

Spending by the Federal Government is inclusive in the fields of human resource, including income maintenance, health, support for the elderly and disabled, and education and training. Spending on national defense claimed largest share of federal outlays during the 1960’s. Spending on national defense constituted between 40-50% of federal outlays. It had been over 70 percent for 1942 through 1946, with a maximum of 89.5% in 1945. However, the share towards national defense declined to be only 18% in 2013. During the most recent decade, federal government has moved its spending focus from national defense to redistribution of income. Programs such as social security, Medicare and other welfare related programs account for majority of federal spending. In recent decade, social security and Medicare accounted for around 35% of federal outlays. The share going towards such programs that aid the elderly has been more than double of that being proportioned between 1960 and 2013. If we combine welfare spending to social security and Medicare, around 50% of outlays is for these programs.

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Answer 5

Chapter 12, Problem 1.1PA

To determine

the Spending category that claimed the major share of federal outlays during 1960’s and during the most recent decade.

Concept Introduction: The federal budget is used to finance a variety of federal expenses, which range from paying federal employees, disbursing agricultural subsidies and paying for U.S. military equipment. It is an itemized plan for the annual public expenditures of the United States.

Expert Solution & Answer

Explanation of Solution

Spending by the Federal Government is inclusive in the fields of human resource, including income maintenance, health, support for the elderly and disabled, and education and training. Spending on national defense claimed largest share of federal outlays during the 1960’s. Spending on national defense constituted between 40-50% of federal outlays. It had been over 70 percent for 1942 through 1946, with a maximum of 89.5% in 1945. However, the share towards national defense declined to be only 18% in 2013. During the most recent decade, federal government has moved its spending focus from national defense to redistribution of income. Programs such as social security, Medicare and other welfare related programs account for majority of federal spending. In recent decade, social security and Medicare accounted for around 35% of federal outlays. The share going towards such programs that aid the elderly has been more than double of that being proportioned between 1960 and 2013. If we combine welfare spending to social security and Medicare, around 50% of outlays is for these programs.

Answer 6

Chapter 12, Problem 1.1PA

To determine

the Spending category that claimed the major share of federal outlays during 1960’s and during the most recent decade.

Concept Introduction: The federal budget is used to finance a variety of federal expenses, which range from paying federal employees, disbursing agricultural subsidies and paying for U.S. military equipment. It is an itemized plan for the annual public expenditures of the United States.

Expert Solution & Answer

Explanation of Solution

Spending by the Federal Government is inclusive in the fields of human resource, including income maintenance, health, support for the elderly and disabled, and education and training. Spending on national defense claimed largest share of federal outlays during the 1960’s. Spending on national defense constituted between 40-50% of federal outlays. It had been over 70 percent for 1942 through 1946, with a maximum of 89.5% in 1945. However, the share towards national defense declined to be only 18% in 2013. During the most recent decade, federal government has moved its spending focus from national defense to redistribution of income. Programs such as social security, Medicare and other welfare related programs account for majority of federal spending. In recent decade, social security and Medicare accounted for around 35% of federal outlays. The share going towards such programs that aid the elderly has been more than double of that being proportioned between 1960 and 2013. If we combine welfare spending to social security and Medicare, around 50% of outlays is for these programs.

Answer 7

Chapter 12, Problem 1.1PA

To determine

the Spending category that claimed the major share of federal outlays during 1960’s and during the most recent decade.

Concept Introduction: The federal budget is used to finance a variety of federal expenses, which range from paying federal employees, disbursing agricultural subsidies and paying for U.S. military equipment. It is an itemized plan for the annual public expenditures of the United States.

Answer 8

Expert Solution & Answer

Explanation of Solution

Spending by the Federal Government is inclusive in the fields of human resource, including income maintenance, health, support for the elderly and disabled, and education and training. Spending on national defense claimed largest share of federal outlays during the 1960’s. Spending on national defense constituted between 40-50% of federal outlays. It had been over 70 percent for 1942 through 1946, with a maximum of 89.5% in 1945. However, the share towards national defense declined to be only 18% in 2013. During the most recent decade, federal government has moved its spending focus from national defense to redistribution of income. Programs such as social security, Medicare and other welfare related programs account for majority of federal spending. In recent decade, social security and Medicare accounted for around 35% of federal outlays. The share going towards such programs that aid the elderly has been more than double of that being proportioned between 1960 and 2013. If we combine welfare spending to social security and Medicare, around 50% of outlays is for these programs.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 12 - Prob. 1.1PA Ch. 12 - Prob. 1.2PA Ch. 12 - Prob. 2.3PA Ch. 12 - Prob. 2.4PA Ch. 12 - Prob. 3.5PA Ch. 12 - Prob. 3.6PA Ch. 12 - Prob. 3.7PA Ch. 12 - Prob. 3.8PA Ch. 12 - Prob. 4.9PA Ch. 12 - Prob. 4.10PA

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