Quiz 3 - Question 1 The estimated slope coefficient(b of the regression equation(Y = a bX measures the change in Y as a result of a one change in X

Quiz 3 - Question 1 The estimated slope coefficient(b of...

This preview shows page 1 - 2 out of 2 pages.

Question 1 The estimated slope coefficient (b) of the regression equation (Y = a + bX) measures the __________ change in Y as a result of a one __________ change in X.Correct Answer: unit, unit Question 2 The standard error of the estimate measures the Correct Answer: variability of the dependent variable relative to the regression line.Question 3 Consider the following linear demand function where Q_D = quantity demanded, P = selling price, and Y = disposable income: Q*_D = 50 -2.1P + 0.24Y *The coefficient of P (i.e., -2*.*1) indicates that (all other things being held constant): Correct Answer: for a one unit increase in price, quantity demanded would decline by 2.1 unitsQuestion 4 Harvey Enterprises, Inc., has hired you to analyze demand for Product Z. A statistical analysis of demand for the past 30 months shows (standard errors in parentheses): Q_Z = 500 - 8P_Z + 5P_X + 0.05A + 0.025Y (350) (2.5) (2) (0.03) (0.011) R^2 = 0.93 Standard Error of the Estimate = 20 Here, Q_Z is market demand for Product Z, P_Z is the price of Z in dollars, A is dollars of
Background image
Image of page 2

You've reached the end of your free preview.

Want to read both pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes