According to the Center for Disease Control and Prevention,life Expectancy

question 47

Multiple Choice

According to the Center for Disease Control and Prevention,life expectancy at age 65 in America is about 18.7 years.Medical researchers have argued that while excessive drinking is detrimental to health,drinking a little alcohol every day,especially wine,may be associated with an increase in life expectancy.Others have also linked longevity with income and gender.The data relating to the length of life after 65 (Life) were collected.Data also include: average income (in $1,000s) (Income) ,the average number of alcoholic drinks consumed per day (Drinks) ,and a dummy variable Woman.The following model was created: Life = β₀ + β₁Income + β₂Drinks + β₃Woman + ε.The Excel partial output corresponding to this model is shown below. Which of the following is the predicted life expectancy for a 65-year-old woman with an income of $60,000 and a consumption of one drink per day?

• A) 19.78
• B) 15.21
• C) 21.36
• D) 16.58

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Definitions:

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded, leading to market stability.

Equilibrium Price

The market price at which the quantity of goods demanded equals the quantity of goods supplied, leading to a stable market condition.

Quantity Demanded

The total amount of a good or service consumers are willing and able to purchase at a given price.

Quantity Supplied

Quantity supplied refers to the amount of a good or service that producers are willing and able to sell at a given price over a specific period.