Using Excel or another program, estimate the linear OLS demand regression for the iTunes focus group data in the Managerial Solution. What is the R2? What are the coefficient estimates, the standard errors, and the t-statistics for each coefficient? Using a 95% confidence criterion, would you reject the hypothesis that the price coefficient is zero?
Answer to relevant QuestionsGive as many reasons as you can why we believe that economists assume that the more-is-better property holds and explain how these explanations relate to the results in the Mini- Case “You Can’t Have Too Much Money.”Lorna consumes cans of anchovies, A, and boxes of biscuits, B. Each of her indifference curves reflects strictly diminishing marginal rates of substitution. If A = 2 and B = 2, her marginal rate of substitution between cans ...Lucas chooses between water and all other goods. If he spends all his money on water, he can buy 15 thousand gallons per week. At current prices, his optimal bundle is e1, where he buys both types of goods. Show e1 in a ...Draw diagrams similar to figure but with different shape indifference curves to show that as the price of tracks rises, the amount of live music Jack will buy may rise or fall.If each extra worker produces an extra unit of output, how do the total product of labor, average product of labor, and marginal product of labor vary with labor? Plot these curves in a graph similar to figure.
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