Question
The quantity supplied of a commodity Y by a competitive firm is assumed to be a...
The quantity supplied of a commodity Y by a competitive firm is assumed to be a function of the price of Y and the wage rate of labor used in the production of Y. The sample data are given in the following table:-
|
Quantity Supplied (Y) |
20 |
30 |
60 |
76 |
100 |
130 |
125 |
135 |
|
Price (X1) |
10 |
21 |
40 |
42 |
30 |
60 |
50 |
42 |
|
Wage rate of labor (X2) |
12 |
9 |
5 |
4 |
7 |
3 |
3 |
2 |
Required:
- Find the regression equation of Y on X1 and X2.
- Predict the amount of quantity supplied given that the price is 70 and the wage rate of labor is 15.
- Test the overall significance of regression at 5% level.
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
A statistical program is recommended. Consider the following data for a dependent variable y and two...
A statistical program is recommended.
Consider the following data for a dependent variable y
and two independent variables,
x1
and
x2.
x1
x2
y
30
12
94
47
10
108
25
17
112
51
16
178
40
5
94
51
19
175
74
7
170
36
12
117
59
13
142
76
16
211
(a)
Develop an estimated regression equation relating y
to
x1.
(Round your numerical values to one decimal place.)ŷ =
Predict y if
x1 = 51.
(Round...
8. Consider the following data for a dependent variable y and two independent variables, x1 and...
8. Consider the following data for a dependent variable
y and two independent variables, x1 and
x2.
x1
x2
y
30
12
94
47
10
108
25
17
112
51
16
178
40
5
94
51
19
175
74
7
170
36
12
117
59
13
142
76
16
211
(a) Develop an estimated regression equation relating y
to x1. (Round your numerical values to one decimal
place.)
ŷ = ______
Predict y if x1 = 51. (Round
your answer...
11. If MPx > MPy, a firm should hire more x and less y. Group of...
11. If MPx > MPy, a firm should hire more x and less y.
Group of answer choices
True
False
10.
Unit of Labor
Total Product
Product Price
0
0
$2.20
1
15
2.00
2
28
1.80
3
39
1.60
4
48
1.40
5
55
1.20
6
60
1.10
The data in the table reveal that
Group of answer choices
the firm is selling its product in a purely competitive
market.
there is no level of output at which this...
Given here are data for a dependent variable and four potential predictors. y x1 x2 x3...
Given here are data for a dependent variable and four potential
predictors.
y
x1
x2
x3
x4
x5
96
8
60
2.4
48
51
73
6
64
2.1
42
43
108
2
76
1.8
34
20
124
5
74
2.2
11
14
82
6
50
1.5
61
29
89
9
57
1.6
53
22
76
1
72
2
72
38
109
3
74
2.8
36
40
123
2
99
2.6
17
50
125
6
81
2.5
48
55
101
2...
You open a perfectly competitive firm making sandwiches, with the given quantity and total cost schedules....
You open a perfectly competitive firm making sandwiches, with
the given quantity and total cost schedules. Fill in the missing
columns, and then determine your level of output and amount of
profit you will earn if the price of sandwiches is a) $7; b) $5.80;
c) $4.20; and d) $2.
Quantity
Total Costs
Variable Costs
Average Total Costs
Average Variable Costs
Marginal Costs
0
30
----
----
----
5
45
10
55
15
76
20
105
25
140
30
185...
1. The market for toasters is a competitive market. Suppose that the quantity of toasters supplied...
1. The market for toasters is a competitive market. Suppose that
the quantity of toasters supplied per year depends as follows on
the price of a toaster:
Price
(dollars per toaster)
Quantity supplied
(millions of toasters)
32
4.0
34
5.0
36
5.5
38
6.0
40
6.5
a. On a piece of graph paper, plot the supply curve for
toasters.
b. How does the quantity supplied of toasters change when the
price changes?
2. The market for toasters is a competitive...
Consider the following data for a demand curve: Price Quantity Supplied 3 20 4 30 5...
Consider the following data for a demand curve:
Price
Quantity Supplied
3
20
4
30
5
40
6
50
7
60
8
70
Calculate the price elasticity of supply between a price of $7
and $8.
Calculate the price elasticity of supply between a price of $3
and $4.
How does supply elasticity change as you move up the supply
curve?
Answer the question based on the demand and cost schedules for a monopolistically competitive firm given...
Answer the question based on the demand and cost schedules for a
monopolistically competitive firm given in the table below.
Price
Quantity Demanded
Total Cost
Output
$30
1
$10
1
27
2
20
2
24
3
29
3
21
4
36
4
15
5
40
5
10
6
42
6
At the profit-maximizing level of output, marginal revenue
is
Multiple Choice
$21.
$84.
$12.
$5.
1. Suppose the demand function for beer is given by q = 2000−40pb + 20pw +...
1. Suppose the demand function for beer is given by q =
2000−40pb + 20pw + 0.1Y , where pb is the price of beer, pw is the
price of wine, and Y is income. If pb = $10, pw = $20, and Y =
$5,000, how much would the price of beer need to rise for the
quantity demanded to fall to 1300 units?
2. Suppose the supply curve for labor is given by qs = w + 10,...
Given the Production Function of a perfectly competitive firm: Q = 30L + 12L2 – 0.5L3...
Given the Production Function of a perfectly competitive firm: Q
= 30L + 12L2 – 0.5L3 , where Q = Output and L = labor input
a. At what value of L will Diminishing Returns take effect?
b. Calculate the range of values for labor over which stages I,
II, and III occur?
c. Suppose that the wage rate is $30 and the price of output is
$2 per unit. How many workers should the firm hire?
d. At what...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 29 minutes ago
asked 32 minutes ago
asked 33 minutes ago
asked 47 minutes ago
asked 49 minutes ago
asked 52 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago