Started on Saturday, July 27, 2024, 10:53 AM
State Finished
Completed on Saturday, July 27, 2024, 11:28 AM
Time taken 34 mins 55 secs
Grade 39.00 out of 40.00 (97.5%)
Question 1 Marginal utility is
Complete
Mark 1.00 out of a. the relative value of two goods when a utility-maximizing decision has been made.
1.00
b. the change in utility that results from increasing the amount of a good consumed by one unit.
c. the change in the amount of a good consumed that increases total utility by one unit.
d. the utility obtained from the consumption of all but the last unit of a good.
Question 2 The following linear demand specification is estimated for Conlan Enterprises, a price-setting firm:
Complete
Q = a + bP + cM + dPR
Mark 1.00 out of
1.00 where Q is the quantity demanded of the product Conlan Enterprises sells, P is the price of that product,
M is income, and PR is the price of a related product. The results of the estimation are presented below:
DEPENDENT VARIABLE: Q R-SQUARE F-RATIO P-VALUE ON F
OBSERVATIONS: 32 0.7984 36.14 0.0001
VARIABLE PARAMETER ESTIMATE STANDARD ERROR T-RATIO P-VALUE
INTERCEPT 846.3000 76.7000 11.03 0.0001
P –8.6000 2.6000 –3.31 0.0026
M 0.0184 0.0048 3.83 0.0007
PR –4.3075 1.2300 –3.50 0.0016
To test the significance of the regression coefficients, the degrees of freedom are and the t value
at 1% significance level is .
a. 28; 2.763
b. 32; 4.57
c. 30; 2.750
d. 32; 36.14
e. 32; 0.7984
, Question 3 The following linear demand specification is estimated for Conlan Enterprises, a price-setting firm:
Complete
Q = a + bP + cM + dPR
Mark 1.00 out of
1.00 where Q is the quantity demanded of the product Conlan Enterprises sells, P is the price of that product,
M is income, and PR is the price of a related product. The results of the estimation are presented below:
DEPENDENT VARIABLE: Q R-SQUARE F-RATIO P-VALUE ON F
OBSERVATIONS: 32 0.7984 36.14 0.0001
VARIABLE PARAMETER ESTIMATE STANDARD ERROR T-RATIO P-VALUE
INTERCEPT 846.3000 76.7000 11.03 0.0001
P –8.6000 2.6000 –3.31 0.0026
M 0.0184 0.0048 3.83 0.0007
PR –4.3075 1.2300 –3.50 0.0016
Given the above, at the 1% level of significance, which estimates are statistically significant?
a. All but b and d are statistically significant
b. All are statistically significant
c. Only â,b and ĉ are statistically significant
d. All but â are statistically significant
e. Only â is statistically significant
Question 4 If Mary prefers bananas to plums and plums to peaches, but is indifferent between bananas and
Complete oranges, she
Mark 1.00 out of
1.00
a. prefers oranges to peaches.
b. is indifferent between oranges and peaches.
c. prefers plums to oranges.
d. is indifferent between oranges and plums.
Question 5 A production function measures the relation between
Complete
Mark 1.00 out of a. input prices and output prices.
1.00
b. the quantity of inputs and the quantity of output.
c. the quantity of inputs and input prices.
d. None of the choices are correct.
e. input prices and the quantity of output.
Question 6 A short-run production function assumes that
Complete
Mark 1.00 out of a. all inputs are fixed inputs.
1.00
b. both "the level of output is fixed" and "at least one input is a fixed input".
c. both "at least one input is a fixed input" and "all inputs are fixed inputs".
d. the level of output is fixed.
e. at least one input is a fixed input.
State Finished
Completed on Saturday, July 27, 2024, 11:28 AM
Time taken 34 mins 55 secs
Grade 39.00 out of 40.00 (97.5%)
Question 1 Marginal utility is
Complete
Mark 1.00 out of a. the relative value of two goods when a utility-maximizing decision has been made.
1.00
b. the change in utility that results from increasing the amount of a good consumed by one unit.
c. the change in the amount of a good consumed that increases total utility by one unit.
d. the utility obtained from the consumption of all but the last unit of a good.
Question 2 The following linear demand specification is estimated for Conlan Enterprises, a price-setting firm:
Complete
Q = a + bP + cM + dPR
Mark 1.00 out of
1.00 where Q is the quantity demanded of the product Conlan Enterprises sells, P is the price of that product,
M is income, and PR is the price of a related product. The results of the estimation are presented below:
DEPENDENT VARIABLE: Q R-SQUARE F-RATIO P-VALUE ON F
OBSERVATIONS: 32 0.7984 36.14 0.0001
VARIABLE PARAMETER ESTIMATE STANDARD ERROR T-RATIO P-VALUE
INTERCEPT 846.3000 76.7000 11.03 0.0001
P –8.6000 2.6000 –3.31 0.0026
M 0.0184 0.0048 3.83 0.0007
PR –4.3075 1.2300 –3.50 0.0016
To test the significance of the regression coefficients, the degrees of freedom are and the t value
at 1% significance level is .
a. 28; 2.763
b. 32; 4.57
c. 30; 2.750
d. 32; 36.14
e. 32; 0.7984
, Question 3 The following linear demand specification is estimated for Conlan Enterprises, a price-setting firm:
Complete
Q = a + bP + cM + dPR
Mark 1.00 out of
1.00 where Q is the quantity demanded of the product Conlan Enterprises sells, P is the price of that product,
M is income, and PR is the price of a related product. The results of the estimation are presented below:
DEPENDENT VARIABLE: Q R-SQUARE F-RATIO P-VALUE ON F
OBSERVATIONS: 32 0.7984 36.14 0.0001
VARIABLE PARAMETER ESTIMATE STANDARD ERROR T-RATIO P-VALUE
INTERCEPT 846.3000 76.7000 11.03 0.0001
P –8.6000 2.6000 –3.31 0.0026
M 0.0184 0.0048 3.83 0.0007
PR –4.3075 1.2300 –3.50 0.0016
Given the above, at the 1% level of significance, which estimates are statistically significant?
a. All but b and d are statistically significant
b. All are statistically significant
c. Only â,b and ĉ are statistically significant
d. All but â are statistically significant
e. Only â is statistically significant
Question 4 If Mary prefers bananas to plums and plums to peaches, but is indifferent between bananas and
Complete oranges, she
Mark 1.00 out of
1.00
a. prefers oranges to peaches.
b. is indifferent between oranges and peaches.
c. prefers plums to oranges.
d. is indifferent between oranges and plums.
Question 5 A production function measures the relation between
Complete
Mark 1.00 out of a. input prices and output prices.
1.00
b. the quantity of inputs and the quantity of output.
c. the quantity of inputs and input prices.
d. None of the choices are correct.
e. input prices and the quantity of output.
Question 6 A short-run production function assumes that
Complete
Mark 1.00 out of a. all inputs are fixed inputs.
1.00
b. both "the level of output is fixed" and "at least one input is a fixed input".
c. both "at least one input is a fixed input" and "all inputs are fixed inputs".
d. the level of output is fixed.
e. at least one input is a fixed input.
