When the own price elasticity of good X is -3.5 then total revenue can be increased by
Topic: The Production Process and Costs Quiz ( MCQ and Answer )
The manager can be 95% confident that the true value of the underlying parameters in a regression is not zero if the absolute value of t-statistic is
The lower the standard error,
For a given set of data and regression equation, the greater the R-square
The greater the standard error of an estimated coefficient:
The demand for good X has been estimated to be lnQXd = 0 – 2.5 lnPX + 4 lnPY + lnM . The advertising elasticity of good X is
The demand for good X has been estimated to be lnQXd = 100 – 2.5 lnPX + 4 lnPY + lnM. The income elasticity of good X is
The demand for good X has been estimated to be lnQXd = 100 – 2.5 lnPX + 4 lnPY + lnM.The cross price elasticity of demand between goods X and Y is
The demand for good X has been estimated to be lnQXd = 100 – 2.5 lnPX + 4 lnPY + lnM.The own price elasticity of good X is
Non-fed ground beef is an inferior good. In economic booms, grocery managers should
Suppose the income elasticity for transportation is 1.8. Which of the following is anincorrect statement?
Since most consumers spend very little on salt, a small increase in the price of salt will
If the short-term own price elasticity for transportation is estimated to be -0.6, then long-term own price elasticity is expected to be
Demand tends to be
The demand for food (a broad group) is more
If there are few close substitutes for a good, demand tends to be relatively
Which of the following is not the important factor that affects the magnitude of the own price elasticity of a good?
When a demand curve is linear,
The demand for good X is estimated to be QX d = 10, 000 – 4PX + 5PY + 2M + AX, where PX is the price of X, PY is the price of good Y, M is income and AX is the amount of advertising on X. Suppose the present price of good X is $50, PY = $100, M = $25,000, and AX = 1,000 units. Based on this information, good X is
The demand for good X is estimated to be QX d = 10, 000 – 4PX + 5PY + 2M + AX, where PX is the price of X, PY is the price of good Y, M is income and AX is the amount of advertising on X. Suppose the present price of good X is $50, PY = $100, M = $25,000, and AX = 1,000 units. Based on this information, the income elasticity of good X is
The demand for good X is estimated to be QX d = 10, 000 – 4PX + 5PY + 2M + AX, where PX is the price of X, PY is the price of good Y, M is income and AX is the amount of advertising on X. Suppose the present price of good X is $50, PY = $100, M = $25,000, and AX = 1,000 units. Based on this information, goods X and Y are
The demand for good X is estimated to be QX d = 10, 000 – 4PX + 5PY + 2M + AX, where PX is the price of X, PY is the price of good Y, M is income and AX is the amount of advertising on X. Suppose the present price of good X is $50, PY = $100, M = $25,000, and AX = 1,000 units. Based on this information, the cross-price elasticity between goods X and Y is?