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.
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Answer #1
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