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Question 1:

The managers of a company that leases trucks to shipping companies and other business customers are considering increasing their leasing fees. In order to evaluate this increase, they have asked you to estimate the price elasticity of their product based on historical data.

(a) By labeling rows and columns, describe the data matrix that would be likely to be sufficient for calculating this estimate.

(b) What would you ask the company's managers regarding past price variation?

(c) Describe how you would go about obtaining the data specified in your data matrix.

Question 2:

A manufacturer of fancy scented bar soaps is interested in the price elasticity shown by her popular lilac variety. She assembled data for each of the past twenty months concerning the number of bars sold, the price, and the number of retail outlets that put the lilac soap on display and then carried out a regression analysis on this data. Here are the resulting means for each variable and the Excel output for the regression analysis:

Variable Mean Bars of lilac soap sold 2506 Price 1.59 Number of displays 167.9 SUMMARY OUTPUT Regression Statistics Multiple R 0.855 R Square 0.731 Adjusted R Square 0.699 Standard Error 291.738 Observations 20.000 ANOVA df SS MS F Significance F Regression 2.000 3931 151.150 1965575.575 23.094 0.000 Residual 17.000 1446883.800 85110.812 Total 19.000 5378034.950 Standard Coefficients Error t Stat P-value Intercept 7376.431 1348.809 5.469 0.000 Price -1261.207 186.770 -6.753 0.000 Displays -6.361 7.815 -0.814 0.427