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ANSWER : Since the whole equation will be divided by 7 to find the daily alcohol consumption from the weekly consumption, the new slope will be -1.4/7 =-0.2
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3. Suppose you have the following estimated equation, alcohol = 2-1.4 log price, where alcohol refers to weekly alc...
IL. (1Ipts) You are given the following estimated equation: log(price) =-0.676 + 0.848 log(sqrft)...
IL. (1Ipts) You are given the following estimated equation: log(price) =-0.676 + 0.848 log(sqrft)-0.05 1bdrrns-0.269colonial + 0.098bdrms * colonial Std. Errors (0.693) (0.1003) (0.060) n 88, R-squared -0.5793 (0.216) (0.0636) Where the variables are described as follows: price sarfi the size of the house, in squared feet hdrms the number of bedrooms in the house colonial- if the house has a colonial architectural style, and 0 otherwise. bdrms colonial interaction variable the house price, in $1000 a. Provide an appropriate...
Given the following estimated demand equation Answer the following questions “From the data for 46 States...
Given the following estimated demand equation Answer the following questions “From the data for 46 States in the United States for 1002, the following Regression Equation was estimated: Ln C = 6.30 – 1.39 LnP + 0.67 LnY T- Stats: (0.91) (- 2.45) ( 0.45) R2 =0.78 Where C = Cigarette consumption packs per year P = real price per pack Y = real disposable income per capita a). What is the elasticity of demand for...
II. (11pts) You are given the following estimated equation: log(price) 4.83+0.000347sqrft + 0.0117bdrms-0.056colonial +0.000068srft colonial Std....
II. (11pts) You are given the following estimated equation: log(price) 4.83+0.000347sqrft + 0.0117bdrms-0.056colonial +0.000068srft colonial Std. Errors (0.013) (0.000061) (0.0310) (0.015) (0.000074) n 88, R-square -0.6056 e tri Where the variables are described as follows: price = the house price, in $1000 sar-the size of the house, in squared feet bdrms the number of bedrooms in the house colonial- 1 if the house has a colonial architectural style, and 0 otherwise. sarfi colonial interaction variable Sser a. Provide an appropriate...
3) Suppose that the price p (in dollars) and weekly sales x (in 1000s) of light bulbs satisfy the demand equation 2...
3) Suppose that the price p (in dollars) and weekly sales x (in 1000s) of light bulbs satisfy the demand equation 2p, + x2-275. Determine the rate at which sales are changing per week at a time when x-4, p-6, and price is falling at the rate of $0.30/week 4) If a cost function is Cx) ma find the marginal cost when x 3. Round you answer to 2 decimal places 5) Find the derivative: y = eB- 6) Show...
Problem 2 Suppose that GM's Smith estimated the following regression equation for Chevrolet automobiles: Qc=100,000-100Pc+2,000N+50I+30P-1000P+3A+40,000P(I) Where...
Problem 2 Suppose that GM's Smith estimated the following regression equation for Chevrolet automobiles: Qc=100,000-100Pc+2,000N+50I+30P-1000P+3A+40,000P(I) Where Qc=quantity demanded per year of Chevrolet automobiles Pc=price of Chevrolet automobiles, in dollars N=population of the United States, in millions I=per capita disposable income, in dollars Pf=price of Ford automobiles, in dollars Pg=real price of gasoline, in cents per gallon A=advertising expenditures by Chevrolet, in dollars per year Pt=credit incentives to purchase Chevrolets, in percentage points below the rate of interest on borrowing in...
Suppose that you have estimated the following output function where L is labor and K is...
Suppose that you have estimated the following output function where L is labor and K is capital: Y = K1/4L1/2 You know that the current price of labor is $10 and capital cost is $1 per per machine (capital). You currently use 81 units (machines) of capital (K). The price of the output is $20 (y). Given a fixed level of capital (K=81), and a price of $20 per unit of output, what is the level of output you will...
2. Suppose that the daily market for red wine in the Quad Cities is estimated by:...
2. Suppose that the daily market for red wine in the Quad Cities is estimated by: Qd = 100 - 5P Qs = -8 +4P Where P is in dollars per bottle, and Q is the number of bottles. a. (1) Solve algebraically for equilibrium price and quantity. Now suppose that a tax of $9 per unit is levied on this product. As a result, the supply curve shifts upward by the vertical distance of $9. d. (1) What is...
A consumer has the following preferences u(11, 12) = log (11) + 12 Suppose the price...
A consumer has the following preferences u(11, 12) = log (11) + 12 Suppose the price of good 1 is pı and the price of good 2 is P2. The consumer has income m. (a) Find the optimal choices for the utility maximization problem in terms of P1, P2 and m. Denote the Lagrange multiplier by 1. (b) How do the optimal choices change as m increases? What does the income offer curve (also called the income expansion path) look...
Suppose you are collecting data from a country like Japan where the government sets the price...
Suppose you are collecting data from a country like Japan where the government sets the price of health care. Each prefecture in Japan has a different set of prices (for example, Tokyo has higher prices than rural Hokkaido). Data for 2015 is displayed in Table 1. What is the arc price elasticity of demand for health care consumers in Japan (using only this data)? Suppose that incomes are generally much higher in Tokyo than Hokkaido. Is your answer to the...
2. Huang and others (1980) estimated the following demand for coffee: In 0, -1.279-0.1647h P+0.5115h I, +0.1483n P,-0.0089T, -0.096D,-0.157D, +0.0097D, (-2.14) (1.23) (0.55) (3.36) (-3.34) (-6.0...
2. Huang and others (1980) estimated the following demand for coffee: In 0, -1.279-0.1647h P+0.5115h I, +0.1483n P,-0.0089T, -0.096D,-0.157D, +0.0097D, (-2.14) (1.23) (0.55) (3.36) (-3.34) (-6.03) (-0.37) Where: Q- pounds of coffee P price of coffee per pound in 1967 prices IPer capita income in thousands of 1967 dollars P' Price of tea in 1967 prices T time variable 1961-quarter 1 through 1977-quarter 4 D1 Dummy variable -1 for the first quarter D2- Dummy variable -1 for the second quarter...
IL. (1Ipts) You are given the following estimated equation: log(price) =-0.676 + 0.848 log(sqrft)-0.05 1bdrrns-0.269colonial + 0.098bdrms * colonial Std. Errors (0.693) (0.1003) (0.060) n 88, R-squared -0.5793 (0.216) (0.0636) Where the variables are described as follows: price sarfi the size of the house, in squared feet hdrms the number of bedrooms in the house colonial- if the house has a colonial architectural style, and 0 otherwise. bdrms colonial interaction variable the house price, in $1000 a. Provide an appropriate...
II. (11pts) You are given the following estimated equation: log(price) 4.83+0.000347sqrft + 0.0117bdrms-0.056colonial +0.000068srft colonial Std. Errors (0.013) (0.000061) (0.0310) (0.015) (0.000074) n 88, R-square -0.6056 e tri Where the variables are described as follows: price = the house price, in $1000 sar-the size of the house, in squared feet bdrms the number of bedrooms in the house colonial- 1 if the house has a colonial architectural style, and 0 otherwise. sarfi colonial interaction variable Sser a. Provide an appropriate...
3) Suppose that the price p (in dollars) and weekly sales x (in 1000s) of light bulbs satisfy the demand equation 2p, + x2-275. Determine the rate at which sales are changing per week at a time when x-4, p-6, and price is falling at the rate of $0.30/week 4) If a cost function is Cx) ma find the marginal cost when x 3. Round you answer to 2 decimal places 5) Find the derivative: y = eB- 6) Show...
2. Suppose that the daily market for red wine in the Quad Cities is estimated by: Qd = 100 - 5P Qs = -8 +4P Where P is in dollars per bottle, and Q is the number of bottles. a. (1) Solve algebraically for equilibrium price and quantity. Now suppose that a tax of $9 per unit is levied on this product. As a result, the supply curve shifts upward by the vertical distance of $9. d. (1) What is...
A consumer has the following preferences u(11, 12) = log (11) + 12 Suppose the price of good 1 is pı and the price of good 2 is P2. The consumer has income m. (a) Find the optimal choices for the utility maximization problem in terms of P1, P2 and m. Denote the Lagrange multiplier by 1. (b) How do the optimal choices change as m increases? What does the income offer curve (also called the income expansion path) look...
Suppose you are collecting data from a country like Japan where the government sets the price of health care. Each prefecture in Japan has a different set of prices (for example, Tokyo has higher prices than rural Hokkaido). Data for 2015 is displayed in Table 1. What is the arc price elasticity of demand for health care consumers in Japan (using only this data)? Suppose that incomes are generally much higher in Tokyo than Hokkaido. Is your answer to the...
2. Huang and others (1980) estimated the following demand for coffee: In 0, -1.279-0.1647h P+0.5115h I, +0.1483n P,-0.0089T, -0.096D,-0.157D, +0.0097D, (-2.14) (1.23) (0.55) (3.36) (-3.34) (-6.03) (-0.37) Where: Q- pounds of coffee P price of coffee per pound in 1967 prices IPer capita income in thousands of 1967 dollars P' Price of tea in 1967 prices T time variable 1961-quarter 1 through 1977-quarter 4 D1 Dummy variable -1 for the first quarter D2- Dummy variable -1 for the second quarter...
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