Instruction 14-10
the Executive Vice President of a Drug Manufacturing

question 176

Short Answer

Instruction 14-10
The executive vice president of a drug manufacturing firm believes that the demand for the firm's most popular drug has been evidencing an exponential trend since 1995. She uses Microsoft Excel to obtain the partial output below. The dependent variable is the log base 10 of the demand for the drug, while the independent variable is years, where 1995 is coded as 0, 1996 is coded as 1, etc.
$$\begin{array} { l l } \text { PuMMaression Statistics } & \\\text { MultipleR } & 0.996 \\\text { R Square } & 0.992 \\\text { Adjusted R Square } & 0.991 \\\text { Standard Error } & 0.02831 \\\text { Observations } & 12 \\& \\& \text { Coefiñients } \\\text { Intercept } & 1.44 \\\text { Coded Year } & 0.068\end{array}$$
-Referring to Instruction 14-10,the forecast for the demand in 2009 is_______

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Definitions:

Unit Elastic

A situation in which the percentage change in quantity demanded is equal to the percentage change in price.

Inelastic

Describes a situation where the demand for or supply of a good or service is relatively unresponsive to changes in price.

Elasticity of Supply

A measure of how much the quantity supplied of a good changes in response to a change in its price.

Productive Capacity

The maximum output a company or economy can produce with its current resources and technology, without causing inflation.