Calculate the following unconditional forecasts: a. The median price (PR) of a new single-family house in 2014,

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Calculate the following unconditional forecasts:

a. The median price (PR) of a new single-family house in 2014, given the fact that the U.S. GDP in 2014 was roughly $17,400 billion and the following equation:

PRt = 12,928 + 17.08GDPt

b. The expected level of check volume at three possible future sites for new Woody’s restaurants, given Equation 3.4 and the following data. If you could only build one new eatery, in which of these three sites would you build (all else equal)?

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