Consider the Following to Answer the Question(s) Below

question 12

Multiple Choice

Consider the following to answer the question(s) below:
Suppose that data on labour productivity and unit labour costs were obtained for the retail industry from 1990 through 2009. A regression was estimated to describe the linear relationship between the two variables.
-A model of retail sales of furniture and fixtures in Canada as a function of the value of building permits yielded the following equation. log10 Sales = 2.33 + 0.57 log10 Value of permits
What is the predicted value of retail sales if the value of building permits is 700,000?

• A) $458,887.14
• B) $5.66
• C) $2,137.96
• D) $3.33
• E) $22,060.33

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