Bundle: Managerial Economics, 5th + Mindtap Economics, 1 Term (6 Months) Printed Access Card
5th Edition
ISBN: 9781337607957
Author: Luke M. Froeb, Brian T. McCann, Michael R. Ward, Shor
Publisher: Cengage Learning
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Chapter 12, Problem 8MC
To determine
Change in
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Consider the market for sweaters in a Hamilton
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Bundle: Managerial Economics, 5th + Mindtap Economics, 1 Term (6 Months) Printed Access Card
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- CEO Salary and Firm SalesWe can estimate a constant elasticity model relating CEO salary to firm sales. The data set is the same one used in Example 2.3, except we now relate salary to sales. Let sales be annual firm sales, measured in millions of dollars. A constant elasticity model is[2.45]ßßlog (salary) = ß0 + ß0log (sales) + u,where ß1 is the elasticity of salary with respect to sales. This model falls under the simple regression model by defining the dependent variable to be y = log(salary) and the independent variable to be x = log1sales2. Estimating this equation by OLS gives[2.46]log (salary)^=4.822 + 0.257 (sales) n = 209, R2 = 0.211.The coefficient of log(sales) is the estimated elasticity of salary with respect to sales. It implies that a 1% increase in firm sales increases CEO salary by about 0.257%—the usual interpretation of an elasticity.arrow_forwardSolvearrow_forwardAsap please and give with explanation with each steparrow_forward
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