Consider the following data on the quantity of production and its cost (in dollars) for a particular customized component, for each of 10 weeks.

                                             NumberProduced                              Cost

                                                     16                                             207.17

                                                       6                                               90.93

                                                     18                                             227.22

                                                     10                                             153.61

                                                     13                                             155.97

                                                       3                                               68.24

                                                       9                                             112.00

                                                     16                                             185.77

                                                     20                                             260.48

                                                       5                                               80.62

a.   Find the usual statistical measure for the strength of the association between cost and number produced. Please give both the name and numeric value for your answer.

b.   Find, to the penny, the estimated cost of producing one additional component (this is the “variable cost” or the “variable cost of production”).

c.   How well has this variable cost (from part b) been estimated? Please answer by providing a 95% confidence interval for the true variable cost of this production process.

d.   Estimate, to the penny, the cost associated with producing 12 units in a week, assuming the same process from which the data were obtained.

In order to determine _____, the firm's total cost must be divided by the quantity of its output.

A) fixed cost

B) average cost

C) diminishing marginal returns

D)variable cost

In a market there are 10 sellers and 4 buyers and the opp cost for seller is $3.00 and opp cost for the buyer is $10.00. Then what will be the price that trade will take place at? Explain why. What will a price that buyers will say NO to (if any)? What will be a price that seller will say NO (if any)?

In a 10q + q2 and a marginal cost curve of M C = 10 + 2q if it produces a positive quantity of output q. The market price is $50. Which statement is true?

1. (a) Each firm produces 20 units of output; the industry will require entry to reach its long-run equilibrium

2. (b) Each firm is producing 25 units; as the firm is making short-run profits the industry is not at its long-run equilibrium

3. (c) Each firm produces 20 units of output; the market is in its long-run equilibrium

4. (d) Each firm is producing 20 units; the firm will continue producing in the short run but will consider exiting in the long run as it is not covering its total costs of production

5. (e) Each firm is producing 25 units; the firm is covering its variable costs, but making a short run loss

Cost of Competitive Firm

In Stockholm, there is a competitive market for the production of canopy beds. Max’s canopy bed production firm can make at most six canopy bed’s per week.

Complete the four cost columns in the table above.

If the market price of pianos is $6000 this week, how many canopy beds should Max’s firm produce to maximise profit?

What would Max’s profit be this week? $

A researcher decides to examine whether there is a correlation between cost of a packet of chocolate chip cookies (rounded to the nearest dollar) and degree of customer satisfaction (on a scale of 1 - 10 with a 1 being not at all satisfied and a 10 being extremely satisfied). A sample of the data is provided below.

1. Create a scatterplot of the two variables
2. Calculate the Pearson Product Moment Correlation for these data
3. Interpret the correlation
4. What is the Coefficient of Determination?
5. Conduct a hypothesis test for r = 0

. In short, describe Medicare, the cost to the individual and government, and in your opinion is Medicare for all a good idea.

People in the aerospace industry believe the cost of a space project is a function of the mass of the major object being sent into space. Use the following data to develop a regression model to predict the cost of a space project by the mass of the space object. Determine r2 and se. Weight (tons) Cost ($ millions) 1.897 $ 53.6 3.019 184.0 0.453 6.4 0.967 23.5 1.058 34.1 2.100 110.4 2.371 104.6 *(Do not round the intermediate values. Round your answers to 4 decimal places.) **(Round the intermediate values to 4 decimal places. Round your answer to 3 decimal places.) ŷ = enter a number rounded to 4 decimal places * + enter a number rounded to 4 decimal places * x r2 = enter a number rounded to 3 decimal places ** se = enter a number rounded to 3 decimal places **