Shown below is a portion of a computer output for a regression analysis relating supply (Y in thousands of units) and unit price (X in thousands of dollars).
a.What has been the sample size for this problem?
b.Perform a t test and determine whether or not supply and unit price are related. Let = 0.05.
c.Perform and F test and determine whether or not supply and unit price are related. Let = 0.05.
d.Compute the coefficient of determination and fully interpret its meaning. Be very specific.
e.Compute the coefficient of correlation and explain the relationship between supply and unit price.f. Predict the supply (in units) when the unit price is $50,000.
Definitions:
Overprice
The act of charging a price for a product or service that is higher than what is considered fair or reasonable.
Industry Curve
A graphical representation showing how the average costs of production change as the total output of an industry changes.
Private Bargaining
The process of negotiating terms directly between parties without external intervention.
Externality
An outcome from economic behavior that impacts individuals not directly involved, which may be beneficial or harmful.
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