Question
In: Statistics and Probability
Law of Supply: You will need to use software to answer these questions. The Law of...
Law of Supply: You will need to use software to
answer these questions.
The Law of Supply states that an increase in price will
result in an increase in the quantity supplied (assuming all other
factors remain unchanged). Below is the scatterplot, regression
line, and corresponding data for price (x) -vs- quantity
supplied (y).
|
|||||||||||||||||||||||||||||||||||||||||||
You should be able to copy and paste the data by highlighting
the entire table.
Answer the following questions regarding the relationship.
(a) Using all 12 data pairs for x and y,
calculate the correlation coefficient. Round your answer to
3 decimal places.
r =
(b) Is there a significant linear correlation between these
variables?
YesNo
(c) Use software to find the regression equation. What is the slope
and y-intercept? Round each answer to one decimal
place.
| slope | ||
| y-intercept |
(d) Use the regression equation to estimate the quantity supplied
if the price is set at $5.00. Round your answer to the
nearest whole number.
ŷ = units
Solutions
Expert Solution
The statistical software output for this problem is :
(a)
correlation coefficient = r = 0.918
(b)
Yes
(c)
Slope = 120.8
Intercept = -120.3
(d)
= 484 units
orchestra answered 11 months agoRelated Solutions
Height vs Weight - Erroneous Data: You will need to use software to answer these questions....
Height vs Weight - Erroneous Data: You will
need to use software to answer these questions.
Below is the scatterplot and corresponding data for the height and
weight of 11 randomly selected adults. You should notice something
odd about the last entry.
index
height (x)
weight (y)
inches
pounds
1
60
120
2
72
200
3
65
130
4
71
205
5
67
180
6
70
180
7
69
193
8
71
195
9
63
115
10
62
140...
Height vs Weight - Erroneous Data: You will need to use software to answer these questions....
Height vs Weight - Erroneous Data: You will
need to use software to answer these questions.
Below is the scatterplot, regression line, and corresponding data
for the height and weight of 11 randomly selected adults. You
should notice something odd about the last entry.
index
height (x)
weight (y)
inches
pounds
1
60
120
2
72
200
3
65
130
4
71
205
5
69
180
6
68
180
7
69
193
8
69
195
9
63
115
10...
Use Lenz's law to answer the following questions concerning the direction of induced currents.
Use Lenz's law to answer the following questions concerning the direction of induced currents. Express your answers in terms of the letter labels a and b in each part of the figure below. (a) What is the direction of the induced current in the resistor R in Figure a when the bar magnet is moved to the left? a to b b to a The magnitude is zero. (b) What is the direction of the current induced in the resistor R after the switch S...
Use the information below to answer the questions that follow. Wiggins Corporation utilizes an accounting software...
Use the
information below to answer the questions that follow.
Wiggins
Corporation utilizes an accounting software package that is capable
of producing a detailed aging of outstanding accounts receivable.
Following is the aging schedule as of December 31, 20X2.
AGE
AMOUNT
OUTSTANDING
0 to 30 days
$ 1,200,000
31 to 60 days
700,000
61 to 120 days
200,000
Over 120 days
25,000
Casper
Wiggins has owned and operated Wiggins Corporation for many years
and has a very good sense of...
Use the information below to answer the following questions. The demand and supply curves facing a...
Use the information below to answer the following questions.
The demand and supply curves facing a company producing a brand
of coconut juice, orange Juice, are respectively given as
follows:Qd =50-5PQs=2+3P.The company is contemplating to increase
the price of the orange juice as a measure to raise more revenue to
support a planned expansion programme.
Questions
i.What is the equilibrium price and quantity for the orange
Juice?
ii. What is the price elasticity of
demand for the orange Juice?
iii....
Use SPSS, Excel or Minitab software to answer the following questions. Generate normal random data with...
Use SPSS, Excel or Minitab software to answer the
following questions.
Generate normal random data with sample size, n
= 40, mean = 20 and standard deviation = 11. Write the generated
data in the following table.
Answer:
1
11
21
31
2
12
22
32
3
13
23
33
4
14
24
34
5
15
25
35
6
16
26
36
7
17
27
37
8
18
28
38
9
19
29
39
10
20
30
40
Conduct the...
Please answer all of the questions in as much details as you can. You need at...
Please answer all of the questions in as much details as you
can. You need at least 2-3 sentences to answer the question, 2-3
sentences to provide details and examples.
1. Why do researchers prefer to use the word gender
rather than sex when referring to social or cultural
categories?
2. Define human sexuality? What are some of the sources that may
influence an individual’s value system?
3. List some of the beliefs and behaviors about sex and
sexuality that...
Please answer all of the questions in as much details as you can. You need at...
Please answer all of the questions in as much details as you
can. You need at least 2-3 sentences to answer the question, 2-3
sentences to provide details and examples. 1. Why do researchers
prefer to use the word gender rather than sex when referring to
social or cultural categories? 2. Define human sexuality? What are
some of the sources that may influence an individual’s value
system? 3. List some of the beliefs and behaviors about sex and
sexuality that...
Use the following market supply and demand functions to answer questions PD = 5000 − 25QD...
Use the following market supply and demand functions to answer
questions
PD = 5000 − 25QD
PS = 15QS
Solve for the equilibrium price and quantity.
What is the consumer surplus and producer surplus generated by
this market?
If there were an added fixed cost of production equal to 1000,
what is the new equilibrium price and quantity? 1
How do the producer and consumer surpluses change, respectively,
as a consequence of the additional fixed cost given in question 11?...
Use the aggregate demand/aggregate supply framework to answer the following questions: (a) A sharp decline in...
Use the aggregate demand/aggregate supply framework to answer
the following questions:
(a) A sharp decline in the stock market due to an increase in
corporate bankruptcies leads to a decline in consumer and business
confidence. What effect would you expect this shock to have on output
and inflation in the short-run?
(b) The US government decides to lower military expenditures to
reduce the budget deficit. What effect would you expect this shock to
have on output and inflation in the...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Contribute Wiki on the topic: Role of information technology to communicate effectively in modern business.
- Last month Empire Company had a $40,850 profit on sales of $301,000. Fixed costs are $88,580...
- "The Myth of Sisyphus" Please respond to the following: Explain what Camus means by stating that...
- Write a program in C++ to find the number of comparisons using binarySearch and the sequential...
- Case Study Read the case then answer the three questions below: Frank became chief financial officer...
- Engine Cycles a. Write a description of an 'engine cycle'. Use figures, grabs and/or image to...
- orley Company buys surgical supplies from a variety of manufacturers and then resells and delivers these...
ADVERTISEMENT