1. (5 subject-matters) Suppose require is fast by Q xd = 50 − 4Px + 6Py + Ax,
where Px = $4, Py = $2, and Ax = $50.
(a) What is the sum requireed of cheerful-tempered-tempered x? Gladden pretext your calculations.
(b) What is the own expense elasticity of require (subject-matter elasticity) when PX = $4? Is require elastic
or resolute at this expense? Gladden illustrate.
(c) What is the wayward expense elasticity of require betwixt cheerful-tempered-tempered X and cheerful-tempered-tempered Y when PX = $4 (point
elasticity) ? Are cheerful-tempereds X and Y substitutes or complements? Gladden illustrate.
2. (5 subject-matters) Suppose the own expense elasticity of require for cheerful-tempered-tempered X is −0.25, and the sum of cheerful-tempered-tempered X extensions by 5 percent. What would you forecast to supervene to the completion prices on cheerful-tempered-tempered X? Gladden illustreprove and pretext any calculations.
3. (5 subject-matters) When the expense of butter was "low," consumers departed $5 billion year-by-year on its decay. When the expense doubled, consumer prices extensiond to $7 billion. Recently you unravel that this media that the require incurvation for butter is upward sloping (i.e., expense and sum requireed are undeviatingly akin, as expense extensions, sum requireed also extensions). Do you tally? Explain.
4. (5 subject-matters) Return at a important witty phone manufacturer was $2.3 billion for the nine months issue March 2, up 85 percent balance returns for the similar epoch last year. Management attributes the extension in returns to a 108 percent extension in shipments (sum requireed), resisting a 21 percent percolate in the mean blended selling expense of its continuity of phones.
Given this notice, gladden reckon the expense elasticity of require and then illustreprove whether it is astounding that the company’s return extensiond when it decreased the mean selling expense of its phones? Gladden illustrate.
5. (10 subject-matters) The facts perfect Homework3.Question5.xlsx(fast under), has facts from the United States. The capriciouss interjacent in the facts set are
Real GDP Real GDP of the United States
Inflation Annual Inflation in the United States
Housing Expense Mean annual Housing Prices in the United States
Interest Reprove Annual Market Interest reprove
UNRATE Unemployment reprove
LFPR Work Security Participation reprove – the uniformity of the adult population that
is a constituent of the work security, the work security is the sum of all filled and unemployed
GovtEduc Government price in billions of dollars on education
(a) Run a retrogradation of Real GDP on Inflation, Housing Price, Interest Rate, Unrate, LFPR, and
GovtEduc. Gladden delineation and paste your EXCEL retrogradation output (do not upload your EXCEL perfect delay the results).
(b) What indication would you forecast for each of the coefficients (actual or denying)? Please
(c) Discuss the “Fit” of the retrogradation.
(d) Which coefficients of refractory capriciouss in the retrogradation are indicationificant? Gladden illustrate.
(e) Which of the capriciouss fast overhead can be used to illustreprove the Real GDP in the United
States? Gladden illustrate.
(f) If you had to appropriate one capricious as a device manufacturer to concentreprove on in classify to extension
Real GDP in the United States, naturalized on the overhead retrogradation results, which capricious would you appropriate? Gladden illustrate. See perfect under for Question 5
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