Big City Java Is a Local Coffee Bar

question 32

Multiple Choice

Big City Java is a local coffee bar. Using Excel, the manager of Big City Java estimates the weekly demand function for their grand mocha coffees to be Q^d = 650 - (15.25 × P) . The estimated regression equation suggests which of the following is true?

• A)The price of grand mocha coffees represents the dependent variable in the regression equation.
• B)If a price of $5 is charged, the predicted weekly demand of grand mocha coffees is 453.75.
• C)There is a positive relationship between the price of grand mocha coffees and the quantity demanded.
• D)As the price of grand mocha coffees increases, the quantity demanded decreases.

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Definitions:

Phillip Zimbardo

An American psychologist best known for his controversial Stanford Prison Experiment, exploring the effects of perceived power and environment on human behavior.

Solomon Asch

A psychologist best known for his research on conformity, demonstrating how individuals yield to or defy a majority group.

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