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200012 Lecture Notes - Lecture 11: Property Law, Promissory Note

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School
UWS
Department
University of Western Sydney
Course
200012
Professor
anon

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Document Summary

A trust deed, also known as a deed of trust, is a document sometimes used in real estate transactions in the u. s. It is a document that comes into play when one party has taken out a loan from another party to purchase a property. The trust deed represents an agreement between the borrower and a lender to have the property held in trust by a neutral and independent third party until the loan is paid off. Although trust deeds are less common than they once were, some 20 states still mandate the use of one, rather than a mortage, when financing is involved in the purchase of real estate. Trust deeds are commonly used in alaska, arizona, california, A few states, such as kentucky, maryland, and south dakota, allow the use of both trust deeds and mortgages. Investing in trust deeds can provide a high-yielding income stream.

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Related Questions

Demand can be estimated with experimental data, time-series data, or cross-section data. In this case, cross-section data appear in the Excel file. Soft drink consumption in cans per capita per year is related to six-pack price, income per capita, and mean temperature across the 48 contiguous states in the United States.

QUESTIONS

1. Given the data, please construct the demand estimation for soft drink consumption in the United States by

(1) a multiple-linear regression equation and (2) a log-linear (exponential) regression equation

2. Given the log-linear equation, please provide the price elasticity of demand and income elasticity. Comment on whether the demand is elastic or inelastic and whether soft drink is a necessity, normal good or luxury good.

TABLE 1. SOFT DRINK DEMAND DATA
State Cans/Capita/Yr 6-Pack Price ($) Income/Capita ($1,000) Mean Temp. (F)
Alabama 200 2.19 11.7 66
Arizona 150 1.99 15.3 62
Arkansas 237 1.93 9.9 63
California 135 2.59 22.5 56
Colorado 121 2.29 17.1 52
Connecticut 118 2.49 24.3 50
Delaware 217 1.99 25.2 52
Florida 242 2.29 16.2 72
Georgia 295 1.89 12.6 64
Idaho 85 2.39 14.4 46
Illinois 114 2.35 21.6 52
Indiana 184 2.19 18 52
Iowa 104 2.21 14.4 50
Kansas 143 2.17 15.3 56
Kentucky 230 2.05 11.7 56
Louisiana 269 1.97 13.5 69
Maine 111 2.19 14.4 41
Maryland 217 2.11 18.9 54
Massachusetts 114 2.29 19.8 47
Michigan 108 2.25 18.9 47
Minnesota 108 2.31 16.2 41
Mississippi 248 1.98 9 65
Missouri 203 1.94 17.1 57
Montana 77 2.31 17.1 44
Nebraska 97 2.28 14.4 49
Nevada 166 2.19 21.6 48
New Hampshire 177 2.27 16.2 35
New Jersey 143 2.31 21.6 54
New Mexico 157 2.17 13.5 56
New York 111 2.43 22.5 48
North Carolina 330 1.89 11.7 59
North Dakota 63 2.33 12.6 39
Ohio 165 2.21 19.8 51
Oklahoma 184 2.19 14.4 82
Oregon 68 2.25 17.1 51
Pennsylvania 121 2.31 18 50
Rhode Island 138 2.23 18 50
South Carolina 237 1.93 10.8 65
South Dakota 95 2.34 11.7 45
Tennessee 236 2.19 11.7 60
Texas 222 2.08 15.3 69
Utah 100 2.37 14.4 50
Vermont 64 2.36 14.4 44
Virginia 270 2.04 14.4 58
Washington 77 2.19 18 49
West Virginia 144 2.11 13.5 55
Wisconsin 97 2.38 17.1 46
Wyoming 102 2.31 17.1 46

Suppose one of your colleagues suggests a marketing plan for soft drinks which relocates most canned drink vending machines into low-income neighborhoods. 1. Based on your analyses so far, would you agree to her suggestion? Why or why not? What the descriptive analysis indicates and what the regression analysis suggests might differ from each other. And I don’t suppose there is a clear-cut yes/no type answer to this question. Rather I will focus on your reasoning and persuasive writing skills here.

cans/capita/yr 6 pack price income/capita mean temp
Alabama 200 2.19 13 66
Arizona 150 1.99 17 62
Arkansas 237 1.93 11 63
California 135 2.59 25 56
Colorado 121 2.29 19 52
Connecticut 118 2.49 27 50
Delaware 217 1.99 28 52
Florida 242 2.29 18 72
Georgia 295 1.89 14 64
Idaho 85 2.39 16 46
Illinois 114 2.35 24 52
Indiana 184 2.19 20 52
Iowa 104 2.21 16 50
Kansas 143 2.17 17 56
Kentucky 230 2.05 13 56
Louisiana 269 1.97 15 69
Maine 111 2.19 16 41
Maryland 217 2.11 21 54
Massachusetts 114 2.29 22 47
Michigan 108 2.25 21 47
Minnesota 108 2.31 18 41
Mississippi 248 1.98 10 65
Missouri 203 1.94 19 57
Montana 77 2.31 19 44
Nebraska 97 2.28 16 49
Nevada 166 2.19 24 48
New Hampshire 177 2.27 18 35
New Jersey 143 2.31 24 54
New Mexico 157 2.17 15 56
New York 111 2.43 25 48
North Carolina 330 1.89 13 59
North Dakota 63 2.33 14 39
Ohio 165 2.21 22 51
Oklahoma 184 2.19 16 82
Oregon 68 2.25 19 51
Pennsylvania 121 2.31 20 50
Rhode Island 138 2.23 20 50
South Carolina 237 1.93 12 65
South Dakota 95 2.34 13 45
Tennessee 236 2.19 13 60
Texas 222 2.08 17 69
Utah 100 2.37 16 50
Vermont 64 2.36 16 44
Virginia 270 2.04 16 58
Washington 77 2.19 20 49
West Virginia 144 2.11 15 55
Wisconsin 97 2.38 19 46
Wyoming 102 2.31 19 46

The Demand for soft drink (in cans per capita per year) is estimated as Log Q = a + b log P+ c log I + d log T

where Q = Soft drink consumption in cans per capita per year

P = 6-pack price

I = Income Per capita

T = Mean temperature across the 48 contiguous states in the United States
Soft Drink Demand Data:
cans/capita/yr 6 pack price income/capita mean temp
Q P I T
Alabama 200 2.19 13 66
Arizona 150 1.99 17 62
Arkansas 237 1.93 11 63
California 135 2.59 25 56
Colorado 121 2.29 19 52
Connecticut 118 2.49 27 50
Delaware 217 1.99 28 52
Florida 242 2.29 18 72
Georgia 295 1.89 14 64
Idaho 85 2.39 16 46
Illinois 114 2.35 24 52
Indiana 184 2.19 20 52
Iowa 104 2.21 16 50
Kansas 143 2.17 17 56
Kentucky 230 2.05 13 56
Louisiana 269 1.97 15 69
Maine 111 2.19 16 41
Maryland 217 2.11 21 54
Massachusetts 114 2.29 22 47
Michigan 108 2.25 21 47
Minnesota 108 2.31 18 41
Mississippi 248 1.98 10 65
Missouri 203 1.94 19 57
Montana 77 2.31 19 44
Nebraska 97 2.28 16 49
Nevada 166 2.19 24 48
New Hampshire 177 2.27 18 35
New Jersey 143 2.31 24 54
New Mexico 157 2.17 15 56
New York 111 2.43 25 48
North Carolina 330 1.89 13 59
North Dakota 63 2.33 14 39
Ohio 165 2.21 22 51
Oklahoma 184 2.19 16 82
Oregon 68 2.25 19 51
Pennsylvania 121 2.31 20 50
Rhode Island 138 2.23 20 50
South Carolina 237 1.93 12 65
South Dakota 95 2.34 13 45
Tennessee 236 2.19 13 60
Texas 222 2.08 17 69
Utah 100 2.37 16 50
Vermont 64 2.36 16 44
Virginia 270 2.04 16 58
Washington 77 2.19 20 49
West Virginia 144 2.11 15 55
Wisconsin 97 2.38 19 46
Wyoming 102 2.31 19 46

( Data in Excel have been saved in the folder of Exam I on weekly study materials

In order to receive full points, you need to show me in details how to get your answers. )

1) What is regression equation using multiple linear regression model?

How would you interpret the coefficients of each independent variable in the model? (5 points)

2) What is price elasticity of demand ? How would you interpret it? (5 points)

3) The approximate percentage increase or decrease in demand if 6-pack price percentage increases by 3%.

****MUST SHOW ALL WORK