{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-21T06:11:40-04:00", "answer_date": "2024-06-21 06:11:40", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "3409030", "url": "\/study-help\/questions\/you-have-been-presented-with-the-following-data-and-asked-3409030", "question_creation_date_js": "2024-06-21T06:11:40-04:00", "question_creation_date": "Jun 21, 2024 06:11 AM", "meta_title": "[Solved] You have been presented with the followin | SolutionInn", "meta_description": "Answer of - You have been presented with the following data and asked to fit statistical demand functions: REGION SALES (Y) ADVERT | SolutionInn", "meta_keywords": "presented,data,asked,fit,statistical,demand,functions,region,sales,y,advertising,selling", "question_title_h1": "You have been presented with the following data and asked to fit statistical demand functions: REGION SALES (Y) ADVERTISING SELLING PRICE (P) DISPOSABLE ('000 gallons)", "question_title": "You have been presented with the following data and asked to fit", "question_title_for_js_snippet": "You have been presented with the following data and asked to fit statistical demand functions REGION SALES (Y) ADVERTISING SELLING PRICE (P) DISPOSABLE ('000 gallons) EXPENSES (A) ($ gallon) INCOME (M) ($'000) ($'000) 160 150 15 00 19 0 220 160 13 50 17 5 W N 140 50 16 50 14 0 190 190 14 50 21 0 130 90 17 00 15 5 OUT 160 60 16 00 14 5 200 140 13 00 21 5 00 150 110 18 00 18 0 210 200 12 00 18 5 10 190 100 15 50 20 0 Use any multiple regression packages to estimate a linear relationship between the dependent variable and the independent variables a Linear Relationship 1 Estimate a linear relationship between the dependent variable and all the independent variables ii What are the tests that you would use to determine the 'goodness of fit' of the estimated demand function Conduct the tests and explain the results iii Discuss the economic implications of the various coefficients (9) b Non linear relationship 1 Estimate a logarithmic form of the demand function ii Is the estimated demand function 'good' Explain your answer (6)", "question_description": "\"image

You have been presented with the following data and asked to fit statistical demand functions: <\/p>

<\/p>

<\/p>

\"image<\/div><\/div><\/div> REGION SALES (Y) ADVERTISING SELLING PRICE (P) DISPOSABLE ('000 gallons) EXPENSES (A) ($\/gallon) INCOME (M) ($'000) ($'000) 160 150 15.00 19.0 220 160 13.50 17.5 W N 140 50 16.50 14.0 190 190 14.50 21.0 130 90 17.00 15.5 OUT 160 60 16.00 14.5 200 140 13.00 21.5 00 150 110 18.00 18.0 210 200 12.00 18.5 10 190 100 15.50 20.0 Use any multiple regression packages to estimate a linear relationship between the dependent variable and the independent variables. a. Linear Relationship 1. Estimate a linear relationship between the dependent variable and all the independent variables. ii. What are the tests that you would use to determine the 'goodness-of-fit' of the estimated demand function? Conduct the tests and explain the results. iii. Discuss the economic implications of the various coefficients. (9) b. Non-linear relationship. 1. Estimate a logarithmic form of the demand function. ii. Is the estimated demand function 'good'? Explain your answer. (6)", "transcribed_text": "", "related_book": { "title": "Hospitality Financial Accounting", "isbn": "9780470598092, 470083603, 978-0470083604", "edition": "2nd Edition", "authors": "Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Agnes L.", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/239.jpg", "uri": "\/textbooks\/hospitality-financial-accounting-2nd-edition-239", "see_more_uri": "" }, "free_related_book": { "isbn": "1668007215", "uri": "\/textbooks\/hold-the-line-the-insurrection-and-one-cops-battle-for-americas-soul-1st-edition-978-1668007211-214891", "name": "Hold The Line The Insurrection And One Cops Battle For Americas Soul", "edition": "1st Edition" }, "question_posted": "2024-06-21 06:11:40", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-21", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/st-t2-23t2-1-find-the-derivatives-of", "description": "s(t) = (t2 + 2)(3t2 - 1). Find the derivatives of the above function using the product rule.", "stars": 3 }, { "url": "\/study-help\/total-quality-management\/what-is-the-serpval-model-1223616", "description": "What is the SERPVAL model?", "stars": 3 }, { "url": "\/study-help\/psychology-2e\/describe-two-extreme-positions-about-the-nature-of-the-relationship-1985097", "description": "Describe two extreme positions about the nature of the relationship of experience to objects in the world prior to the advent of psychophysics.", "stars": 3 }, { "url": "\/the-file-dvd-moviesxlsx-contains-a-large-data-set-of", "description": "The file DVD Movies.xlsx contains a large data set of 10,000 customer transactions for a fictional chain of video stores in the United States. Each row corresponds to a different customer and lists...", "stars": 3 }, { "url": "\/study-help\/questions\/2-1-2-lab-program-data-visualization-9791395", "description": "2 1 . 2 LAB * : Program: Data visualization", "stars": 3 }, { "url": "\/study-help\/questions\/please-help-me-with-the-right-option-7-xyz-company-1642970", "description": "Please help me with the right option 7 XYZ Company is preparing its direct materials budget. Budgeted production for January, February, March, and April are 5000 units, 7000 units, 6500 units, and...", "stars": 3 }, { "url": "\/study-help\/questions\/please-show-work-in-on-paper-only-sy-and-sxy-1024373", "description": "Please show work in on paper. Only Sy and Sxy is given and I am not sure how to get Sx to solve traditionally. Thanks for a response. The stresses shown act at a point in a stressed body. Assume...", "stars": 3 }, { "url": "\/study-help\/questions\/topic-2-types-of-companies-in-australia-various-types-988413", "description": "Topic 2 - Types of Companies in Australia Various types of companies can be registered in Australia under the Corporations Act 2001 (Cth). Explain the differences between a company limited by shares...", "stars": 3 }, { "url": "\/study-help\/questions\/do-you-feel-that-your-organization-utilizes-your-uniqueness-to-1005905", "description": "Do you feel that your organization utilizes your uniqueness to its full capability?", "stars": 3 }, { "url": "\/study-help\/questions\/you-have-been-appointed-to-manage-a-project-that-requires-1008125", "description": "You have been appointed to manage a project that requires the construction of a three bedroom house (in an area of your choice). the information that you have received includes: Budget - R2.5 Million...", "stars": 3 }, { "url": "\/study-help\/questions\/answer-the-following-a-what-is-the-role-of-safety-989601", "description": "Answer the following: a. What is the role of safety inventory? What are the risks of not having safety inventory? Explain thoroughly. b. If the quality of goods provided by suppliers is identical,...", "stars": 3 }, { "url": "\/study-help\/questions\/audit-committee-members-can-affect-the-deterrence-and-detection-of-3238518", "description": "Audit committee members can affect the deterrence and detection of financial statementfraud. Which of the following is false concerning that there are expectations are that all members of the audit...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/macro-micro-linkages-selected-organization-financial-institution-bank-assume-3409029", "next": "\/study-help\/questions\/hi-can-you-help-me-solving-problems-below-and-also-3409031" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Economics", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-economics" }, { "name": "You have been presented with the following data and asked to fit", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/you-have-been-presented-with-the-following-data-and-asked-3409030" } ], "skill_details": { "skill_id": "12", "skill_name": "Economics", "parent_id": "1" } }d": "1" } }