For a Data Set of X and Y Values,the Value

question 30

Short Answer

For a data set of x and y values,the value of = 66 and the standard deviation of errors for the regression of y on x is 4.345.The standard deviation of the sampling distribution of b,rounded to three decimal places,is:

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Definitions:

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, assuming other factors remain constant.

Wage Rate

The standard amount of compensation that employees receive in exchange for performing a specific task or job per time period.

Substitution Effect

The adjustment in purchasing behaviors as a result of variations in the comparative costs of products, prompting buyers to switch from one item to another that is either cheaper or more costly.

Output Effect

The impact on economic output and productivity resulting from a change in the level of economic activity.