The demand for good X is estimated to be QXd = 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, we know that the demand for good X is
Topic: The Production Process and Costs Quiz ( MCQ and Answer )
The demand for good X is estimated to be QXd = 10,000 – 4PX + 5PY + 2M + AX, where PXis the price of X, PY is the price of good Y, M is income and AX is the amount of advertisingon X. Suppose the present price of good X is $50, PY = $100, M = $25,000, and AX = 1,000units. What is the own-price elasticity of demand for good X?
The demand for good X is estimated to be QXd = 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 ofadvertising on X. Suppose the present price of good X is $50, PY = $100, M = $25,000, andAX = 1,000 units. What is the quantity demanded of good X?
The demand for good X is estimated to be QXd = 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 ofadvertising on X. Suppose the present price of good X is $50, PY = $100, M = $25,000, andAX = 1,000 units. What is the demand curve for good X?
If demand is perfectly inelastic, then
If the own price elasticity of demand is infinite in absolute value, then
Suppose the own-price elasticity of demand for good X is -0.5, and that the price of goodX increases by 10%. What would you expect to happen to the total expenditures on good X?
Suppose the own-price elasticity of demand for good X is -0.5, and that the price of goodX increases by 10%. We would expect the quantity demanded of good X to ____
If the absolute value of the own price elasticity of demand is greater than one, then demand is said to be
The elasticity of variable G with respect to variable S is defined as
A study has estimated the effect of changes in interest rates and consumer confidence on the demand for money to be: lnM = 14.666 +.021 lnC – 0.036 lnr, where M denotes real money balances, C is an index of consumer confidence, and r is the interest rate paid on bank deposits. Based on this study, a 5% increase in interest rates will cause the demand for money to:
A study has estimated the effect of changes in interest rates and consumer confidence on the demand for money to be: lnM = 14.666 +.021 lnC – 0.036 lnr, where M denotes real money balances, C is an index of consumer confidence, and r is the interest rate paid on bank deposits. Based on this study we know that the interest elasticity is:
As a rule-of-thumb, a parameter estimate is statistically different from zero when the absolute value of the t-statistic is:
Which of the following measures of fit penalizes a researcher for estimating many coefficients with relatively little data?
Which of the following can be used to quantify the overall statistical significance of a regression?
Which of the following provides a measure of the overall fit of a regression?
Which of the following is used to determine the statistical significance of a regression coefficient?
The demand for video recorders has been estimated to be QV = 134 – 1.07PF + 46PM -2.1PV – 5I, where QV is the quantity of video recorders, PF denotes the price of video recorder film, PM is the price of attending a movie, PV is the price of video recorders, and I is income. Based on the estimated demand equation we can conclude:
The statistical analysis of economic phenomenon is defined as:
Suppose the demand function is given by QX d = 8PX 0.5 PY 0.25 M0.12 H. Then the demand for good X is:
Suppose the demand function is given by QX d = 8PX 0.5 PY 0.25 M0.12 H. Then good X is:
Suppose the demand function is given by QX d = 8PX 0.5 PY 0.25 M0.12 H. Then the cross-price elasticity between goods X and Y is: