Given the Following fiVe Points: (-2,0), (-1,0), (0,1), (1,1), and (2,3)

question 137

Multiple Choice

Given the following five points: (-2,0) , (-1,0) , (0,1) , (1,1) , and (2,3) .
If the regression equation is Y' = 2 - 0.4X, what is the value of Y' when X = -3?

• A) 0.8
• B) 3.2
• C) -10.0
• D) 14.0

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Definitions:

Perfectly Competitive Industry

An industry characterized by many small firms producing identical products, with free entry and exit, and perfect information, leading to prices being determined by the market.

Alfalfa

A plant widely used for livestock feed due to its high nutritional content and also used as a cover crop for soil improvement.

Perfectly Elastic

Refers to a situation where a small change in price leads to an infinite change in quantity demanded or supplied.

Individual Firm's Demand Curve

The graph showing the quantity of a product that a firm is willing and able to sell at various prices, holding other factors constant.