TABLE 14-5 A Microeconomist Wants to Determine How Corporate Sales Are Influenced

question 248

Multiple Choice

TABLE 14-5
A microeconomist wants to determine how corporate sales are influenced by capital and wage spending by companies. She proceeds to randomly select 26 large corporations and record information in millions of dollars. The Microsoft Excel output below shows results of this multiple regression.
-Referring to Table 14-5, what is the p-value for Wages?

• A) 0.01
• B) 0.05
• C) 0.0001
• D) None of the above

Recognize the role of elasticity in supply and demand in determining the allocation and pricing of resources.

Understand the concept of pure rent and its relationship to factors of production in fixed supply.

Identify the effects of changes in the value of land use on the supply of land for different purposes.

Appreciate the economic principles underlying the determination of land values and prices in different locations.

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Definitions:

Standard Error

A statistical measure that estimates the accuracy with which a sample distribution represents a population by quantifying the variation between sample means if the experiment were repeated.

Sample Contrast

The comparison between different subsets or samples within a study to identify variations or patterns.

Mean Square Error

A statistical measure indicating the average of the squares of the errors or deviations—i.e., the difference between the estimator and what is estimated.

F Statistic

A ratio used in statistical analysis to determine the relationship between variances and to test hypotheses about the means of several populations.