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Exhibit 16

question 53

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Exhibit 16.5.The following data shows the demand for an airline ticket dependent on the price of this ticket. Exhibit 16.5.The following data shows the demand for an airline ticket dependent on the price of this ticket. For the assumed cubic and log-log regression models,Demand = β<sub>0</sub> + β<sub>1</sub>Price + β<sub>2</sub>Price<sup>2</sup> + β<sub>3</sub>Price<sup>3</sup> + ε and ln(Demand) = β<sub>0</sub> + β<sub>1</sub>ln(Price) + ε,the following regression results are available: Refer to Exhibit 16.5.Assuming that the sample correlation coefficient between Demand and is 0.956,what is the percentage of variations in Demand explained by the log-log regression equation? A) 98.52% B) 98.50% C) 91.39% D) 97.93% For the assumed cubic and log-log regression models,Demand = β0 + β1Price + β2Price2 + β3Price3 + ε and ln(Demand) = β0 + β1ln(Price) + ε,the following regression results are available: Exhibit 16.5.The following data shows the demand for an airline ticket dependent on the price of this ticket. For the assumed cubic and log-log regression models,Demand = β<sub>0</sub> + β<sub>1</sub>Price + β<sub>2</sub>Price<sup>2</sup> + β<sub>3</sub>Price<sup>3</sup> + ε and ln(Demand) = β<sub>0</sub> + β<sub>1</sub>ln(Price) + ε,the following regression results are available: Refer to Exhibit 16.5.Assuming that the sample correlation coefficient between Demand and is 0.956,what is the percentage of variations in Demand explained by the log-log regression equation? A) 98.52% B) 98.50% C) 91.39% D) 97.93% Refer to Exhibit 16.5.Assuming that the sample correlation coefficient between Demand and Exhibit 16.5.The following data shows the demand for an airline ticket dependent on the price of this ticket. For the assumed cubic and log-log regression models,Demand = β<sub>0</sub> + β<sub>1</sub>Price + β<sub>2</sub>Price<sup>2</sup> + β<sub>3</sub>Price<sup>3</sup> + ε and ln(Demand) = β<sub>0</sub> + β<sub>1</sub>ln(Price) + ε,the following regression results are available: Refer to Exhibit 16.5.Assuming that the sample correlation coefficient between Demand and is 0.956,what is the percentage of variations in Demand explained by the log-log regression equation? A) 98.52% B) 98.50% C) 91.39% D) 97.93% is 0.956,what is the percentage of variations in Demand explained by the log-log regression equation?

Definitions:

Partnership

A business operation legally established by two or more people sharing both profits and management duties.

Equal Right

The principle that all individuals should have the same rights and opportunities under the law.

Intent

The state of mind with which an act is done, signifying purpose or intention.

Joint Ownership

A form of property ownership in which two or more parties share ownership rights simultaneously.

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