ECON 203 Lecture Notes - Lecture 8: List Of Statistical Packages, Statistical Hypothesis Testing, Coefficient Of Determination
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Questions 1-11 are based on the table below. Suppose you are analyzing how the total cost production depends on the total output. You estimated the following regression equation using excel: Totcost = + q + , where totcost is the total cost of production (in $) and q is the total output. Fixed cost___1150___________: recall from econ 202 that the marginal cost is the cost of each additional unit of output. Cross out the incorrect choice and write the amount by how much totcost changes next to the correct choice. 1150+(9. 5*100) = 2100: suppose on a particular day, when q=100, the actual value of totcost is . 63. 1: totcost also varies from day to day due to factors other than q. Use the table above to answer questions 17-19: according to the general-to-specific approach, which variable should be eliminated from the above equation, x1, x2, x3, x4 e.
