Your food truck near a college campus sells hamburgers. For 25 days you collect data during...
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Your food truck near a college campus sells hamburgers. For 25 days you collect data during your peak hour of sales from local college students to estimate a demand equation to determine the consumption of students to better assist you in planning pricing and consumption. Assume the demand for hamburgers has a functional form like the following linear equation: Q = a +bPx + cPy where Q is the quantity demanded of hamburgers, Px is the price of the hamburgers and Py is the price of the soft drinks you also sell. The regression results are: Adjusted R-sq = 0.725 Independent Variables Coefficients Standard Errort-statistic P-value Intercept 8.22 3.76E-08 0.00017 0.00021 Px Py 56.57 -6.33 -8.93 6.88 1.40 2.02 4.519 Oa Approximately 57 O b. Approximately 20 1 с. Cannot be calculated from these results. Od. Approximately 13 L4 43 Using the estimated regression equation to predict the quantity of hamburgers consumed, if the price of hamburgers is set at $4 and the price of a soft drink is set at $2, you would predict how many hamburgers would be sold? Your food truck near a college campus sells hamburgers. For 25 days you collect data during your peak hour of sales from local college students to estimate a demand equation to determine the consumption of students to better assist you in planning pricing and consumption. Assume the demand for hamburgers has a functional form like the following linear equation: Q = a +bPx + cPy where Q is the quantity demanded of hamburgers, Px is the price of the hamburgers and Py is the price of the soft drinks you also sell. The regression results are: Adjusted R-sq = 0.725 Independent Variables Coefficients Standard Errort-statistic P-value Intercept 8.22 3.76E-08 0.00017 0.00021 Px Py 56.57 -6.33 -8.93 6.88 1.40 2.02 4.519 Oa Approximately 57 O b. Approximately 20 1 с. Cannot be calculated from these results. Od. Approximately 13 L4 43 Using the estimated regression equation to predict the quantity of hamburgers consumed, if the price of hamburgers is set at $4 and the price of a soft drink is set at $2, you would predict how many hamburgers would be sold?
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Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
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