Dallas Bates posted Jun 15, 2018 6:01 PM
Subscribe
- What is the change in Q1 given a change in P1? -27.0763
- Is it statistically significant at the 95% level? Yes
- What is the mean of Q1? 56.33
- What is the mean of P1? 3.05
- What is the price elasticity of demand for Good 1? -1.4641
- Is the demand for Good 1 elastic or inelastic at the sample means of the data? Elastic
- To increase revenue, the firm selling Good 1 should raise or lower price? Lower
- What is the change in Q1 given a change in P2? 12.2362
- Is it statistically significant at the 95% level? Yes
- What is the mean of P2? 1.24
- What is the cross price elasticity of demand of Good 1 given a change in the price of Good 2? 0.2685
- Are Goods 1 and 2 substitutes or complements? Substitutes
- What is the change in Q1 given a change in INCOME? 0.0018
- Is it statistically significant at the 95% level? Yes
- What is the mean of INCOME? $32,291.76
- What is the income elasticity of demand for Good 1? 1.0579
- Is Good 1 a normal or inferior good? NormalIf normal, what type? Luxury
- What is the adjusted R2 ? 0.7882
- Given P1 = $3.75, P2 = $1.65, and INCOME = $38000 what is the forecasted value of Q1? 52.8592
- Given P2 = $1.65 and INCOME = $38000 what is the revenue-maximizing level of Q1? 72
What is the corresponding level of P1 that maximizes revenue? 3.05