Exhibit 12-8
the Following Information Regarding a Dependent Variable Y

question 2

Multiple Choice

Exhibit 12-8
The following information regarding a dependent variable Y and an independent variable X is provided
$$\begin{array} { l } \mathrm { n } = 4 \\\Sigma \mathrm { X } = 90 \\\Sigma \mathrm { Y } = 340 \\\Sigma \mathrm { Y } - { \bar { Y) } \mathrm { X } } - \bar { X } ) = - 156 \\\Sigma \mathrm { X } - \bar { X } ) ^ { 2 } = 234 \\\Sigma \mathrm { Y } - \bar { Y } ) ^ { 2 } = 1974 \\\mathrm { SSR } = 104\end{array}$$
-Refer to Exhibit 12-8. The total sum of squares SST) is

• A) -156
• B) 234
• C) 1870
• D) 1974

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Definitions:

Unit Elasticity

A situation in economics where the percentage change in quantity demanded or supplied is equal to the percentage change in price.

Quantity Demanded

Quantity demanded is the total amount of a goods or services that consumers are willing and able to purchase at a specific price level.

Product X

A placeholder name commonly used to denote a specific product, goods, or service in economic models and discussions that is not further specified.

Midpoint Method

A technique used in economics to calculate the elasticity of demand or supply between two points by averaging the two end points' prices and quantities.