RLG100Y1 Lecture Notes - Swatch Internet Time
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Supermarket scanner data of prices and quantities for various types of beef and poultry are available in the accompanying Excel file. The monthly data from the Economic Research Center of the US Department of Agriculture in cooperation with the Livestock Marketing Information Center (LMIC) covers January 2001 to July 2005. The file includes quantity and price data for three cuts of beef (Chuck Roast, Porter House and Ribeye) plus data for chicken prices and disposable income. a. Using regression analysis, estimate the demand functions for Chuck Roast, Porter House, and Ribeye. Indicate significance of each coefficient and of each model citing the relevant test statistics. b. Estimate the own price elasticity, cross elasticity, and income elasticity for each cut of beef.
Year | Month | ChuckQ | CkuckP | PHQ | PHP | RibEQ | RibEP | ChickP | DispInc | ||||||
2001 | 1 | 120 | $2.28 | 53 | $6.04 | 74 | $7.02 | $1.61 | 8664.6 | ChuckQ | Qty of Ground Chuck | ||||
2001 | 2 | 76 | $2.61 | 81 | $5.37 | 79 | $7.16 | $1.68 | 8689.8 | CkuckP | Price of Ground Chuck | ||||
2001 | 3 | 102 | $2.12 | 60 | $5.74 | 71 | $7.33 | $1.57 | 8711.7 | PHQ | Qty of Porterhouse | ||||
2001 | 4 | 106 | $2.41 | 65 | $6.93 | 112 | $7.38 | $1.73 | 8710.7 | PHP | Price of Porterhouse | ||||
2001 | 5 | 87 | $2.39 | 92 | $5.95 | 113 | $6.47 | $1.74 | 8716.5 | RibEQ | Qty of Ribeye | ||||
2001 | 6 | 94 | $2.11 | 157 | $5.24 | 89 | $7.14 | $1.63 | 8732.4 | RibEP | Price of Ribeye | ||||
2001 | 7 | 97 | $2.66 | 149 | $5.39 | 146 | $7.02 | $1.69 | 8733.2 | ChickP | Chicken Prices | ||||
2001 | 8 | 79 | $2.50 | 133 | $5.54 | 120 | $6.28 | $1.71 | 8727.7 | DispInc | Consumer Disposable Income | ||||
2001 | 9 | 138 | $2.39 | 97 | $6.28 | 120 | $7.57 | $1.79 | 8738.5 | ||||||
2001 | 10 | 129 | $2.30 | 113 | $5.43 | 106 | $6.72 | $1.65 | 8743.1 | ||||||
2001 | 11 | 77 | $2.69 | 78 | $5.46 | 76 | $7.73 | $1.75 | 8751.7 | ||||||
2001 | 12 | 94 | $2.44 | 123 | $4.81 | 93 | $7.71 | $1.79 | 8769.6 | ||||||
2002 | 1 | 135 | $2.23 | 87 | $5.49 | 83 | $6.74 | $1.65 | 8789.9 | ||||||
2002 | 2 | 120 | $2.45 | 73 | $5.54 | 136 | $6.87 | $1.72 | 8814.2 | ||||||
2002 | 3 | 131 | $2.24 | 88 | $5.76 | 119 | $7.11 | $1.68 | 8840.2 | ||||||
2002 | 4 | 104 | $2.41 | 108 | $5.28 | 114 | $7.00 | $1.67 | 8879 | ||||||
2002 | 5 | 144 | $2.24 | 82 | $6.05 | 151 | $6.70 | $1.63 | 8889.3 | ||||||
2002 | 6 | 139 | $2.08 | 148 | $5.34 | 248 | $7.08 | $1.66 | 8907.6 | ||||||
2002 | 7 | 98 | $2.42 | 155 | $5.10 | 201 | $6.54 | $1.73 | 8894.8 | ||||||
2002 | 8 | 112 | $2.47 | 45 | $6.88 | 168 | $6.46 | $1.73 | 8892.7 | ||||||
2002 | 9 | 184 | $2.34 | 97 | $5.67 | 165 | $6.72 | $1.76 | 8898.8 | ||||||
2002 | 10 | 98 | $2.33 | 82 | $5.65 | 105 | $6.89 | $1.68 | 8910.3 | ||||||
2002 | 11 | 109 | $2.35 | 65 | $6.38 | 88 | $7.69 | $1.62 | 8920.8 | ||||||
2002 | 12 | 135 | $2.35 | 53 | $6.22 | 108 | $7.44 | $1.83 | 8945.3 | ||||||
2003 | 1 | 132 | $2.22 | 63 | $5.86 | 182 | $6.65 | $1.70 | 8976.3 | ||||||
2003 | 2 | 142 | $2.38 | 59 | $6.72 | 150 | $6.72 | $1.67 | 9011.5 | ||||||
2003 | 3 | 128 | $2.45 | 55 | $7.12 | 144 | $7.51 | $1.68 | 9053.2 | ||||||
2003 | 4 | 94 | $2.53 | 49 | $6.54 | 121 | $7.80 | $1.84 | 9067.9 | ||||||
2003 | 5 | 93 | $2.34 | 92 | $6.70 | 161 | $7.40 | $1.81 | 9124.5 | ||||||
2003 | 6 | 126 | $2.48 | 88 | $6.91 | 280 | $6.64 | $1.74 | 9163.4 | ||||||
2003 | 7 | 83 | $2.40 | 65 | $7.33 | 170 | $6.68 | $1.71 | 9188.2 | ||||||
2003 | 8 | 109 | $2.54 | 92 | $6.70 | 165 | $7.73 | $1.82 | 9214.2 | ||||||
2003 | 9 | 112 | $2.46 | 41 | $7.75 | 106 | $8.20 | $1.80 | 9243.7 | ||||||
2003 | 10 | 83 | $2.86 | 42 | $7.22 | 104 | $8.32 | $1.80 | 9271.7 | ||||||
2003 | 11 | 90 | $2.90 | 56 | $7.57 | 91 | $9.74 | $1.79 | 9339.4 | ||||||
2003 | 12 | 77 | $3.03 | 30 | $8.40 | 63 | $9.87 | $1.85 | 9374.8 | ||||||
2004 | 1 | 86 | $2.83 | 41 | $6.65 | 67 | $9.92 | $1.61 | 9435.9 | ||||||
2004 | 2 | 165 | $2.55 | 51 | $6.94 | 111 | $8.48 | $1.61 | 9487.9 | ||||||
2004 | 3 | 109 | $2.25 | 25 | $7.40 | 118 | $7.51 | $1.64 | 9530.7 | ||||||
2004 | 4 | 89 | $2.37 | 34 | $7.45 | 107 | $8.27 | $1.66 | 9571.8 | ||||||
2004 | 5 | 125 | $2.27 | 54 | $7.51 | 125 | $8.27 | $1.66 | 9628.3 | ||||||
2004 | 6 | 108 | $2.28 | 33 | $8.60 | 117 | $8.86 | $1.66 | 9642.8 | ||||||
2004 | 7 | 88 | $2.52 | 34 | $8.54 | 119 | $8.55 | $1.70 | 9689 | ||||||
2004 | 8 | 101 | $2.64 | 41 | $8.36 | 143 | $8.87 | $1.85 | 9739.8 | ||||||
2004 | 9 | 85 | $2.64 | 51 | $6.98 | 100 | $7.48 | $1.72 | 9759 | ||||||
2004 | 10 | 113 | $2.61 | 45 | $6.88 | 82 | $8.20 | $1.63 | 9858.4 | ||||||
2004 | 11 | 85 | $2.69 | 27 | $7.19 | 73 | $8.59 | $1.68 | 9924.9 | ||||||
2004 | 12 | 90 | $2.67 | 31 | $7.08 | 70 | $8.10 | $1.64 | 10291 | ||||||
2005 | 1 | 113 | $2.62 | 38 | $6.89 | 89 | $8.34 | $1.59 | 10025.2 | ||||||
2005 | 2 | 98 | $2.70 | 39 | $7.05 | 84 | $7.90 | $1.55 | 10072.9 | ||||||
2005 | 3 | 86 | $2.82 | 30 | $7.80 | 105 | $7.88 | $1.61 | 10122 | ||||||
2005 | 4 | 93 | $2.66 | 38 | $7.88 | 111 | $8.92 | $1.64 | 10145.1 | ||||||
2005 | 5 | 127 | $2.51 | 55 | $7.68 | 159 | $7.60 | $1.60 | 10180.6 | ||||||
2005 | 6 | 83 | $2.47 | 40 | $8.17 | 141 | $7.99 | $1.65 | 10231.5 | ||||||
2005 | 7 | 94 | $2.44 | 39 | $8.06 | 156 | $7.18 | $1.62 | 10268.8 | ||||||
Adam is a part-time employee who earned $495.00 during the mostrecent pay period. He is married with two withholding allowances.Prior to this pay period, his year-to-date pay is $6,492.39. Howmuch should be withheld from Adam's gross pay for Social Securitytax for the most recent period, assuming no pre-tax deductions?
$40.02
$30.69
$37.92
$28.46
Julian is a part-time, nonexempt employee in Texas who earns$21.50 per hour. During the last biweekly pay period he worked 45hours. He is single with one withholding allowance (use thewage-bracket table). What is his net pay? (Donot roundinterim calculations,only round finalanswer to twodecimal points.)
Wage Bracket Method Tables for Income TaxWithholding | ||||||||||||
And the wages are | And the number of withholding allowances claimedis- | |||||||||||
Atleast | But less | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
The amount of income tax to be withheld is- | ||||||||||||
$800 | $820 | $90 | $67 | $44 | $26 | $11 | $0 | $0 | $0 | $0 | $0 | $0 |
820 | 840 | 93 | 70 | 47 | 28 | 13 | 0 | 0 | 0 | 0 | 0 | 0 |
840 | 860 | 96 | 73 | 50 | 30 | 15 | 0 | 0 | 0 | 0 | 0 | 0 |
860 | 880 | 99 | 76 | 53 | 32 | 17 | 1 | 0 | 0 | 0 | 0 | 0 |
880 | 900 | 102 | 79 | 56 | 34 | 19 | 3 | 0 | 0 | 0 | 0 | 0 |
900 | 920 | 105 | 82 | 59 | 36 | 21 | 5 | 0 | 0 | 0 | 0 | 0 |
920 | 940 | 108 | 85 | 62 | 39 | 23 | 7 | 0 | 0 | 0 | 0 | 0 |
940 | 960 | 111 | 88 | 65 | 42 | 25 | 9 | 0 | 0 | 0 | 0 | 0 |
960 | 980 | 114 | 91 | 68 | 45 | 27 | 11 | 0 | 0 | 0 | 0 | 0 |
980 | 1,000 | 117 | 94 | 71 | 48 | 29 | 13 | 0 | 0 | 0 | 0 | 0 |
1,000 | 1,020 | 120 | 97 | 74 | 51 | 31 | 15 | 0 | 0 | 0 | 0 | 0 |
1,020 | 1,040 | 123 | 100 | 77 | 54 | 33 | 17 | 2 | 0 | 0 | 0 | 0 |
1,040 | 1,060 | 126 | 103 | 80 | 57 | 35 | 19 | 4 | 0 | 0 | 0 | 0 |
1,060 | 1,080 | 129 | 106 | 83 | 60 | 37 | 21 | 6 | 0 | 0 | 0 | 0 |
1,080 | 1,100 | 132 | 109 | 86 | 63 | 40 | 23 | 8 | 0 | 0 | 0 | 0 |
1,100 | 1,120 | 135 | 112 | 89 | 66 | 43 | 25 | 10 | 0 | 0 | 0 | 0 |
1,120 | 1,140 | 138 | 115 | 92 | 69 | 46 | 27 | 12 | 0 | 0 | 0 | 0 |
1,140 | 1,160 | 141 | 118 | 95 | 72 | 49 | 29 | 14 | 0 | 0 | 0 | 0 |
1,160 | 1,180 | 144 | 121 | 98 | 75 | 52 | 31 | 16 | 0 | 0 | 0 | 0 |
1,180 | 1,200 | 147 | 124 | 101 | 78 | 55 | 33 | 18 | 2 | 0 | 0 | 0 |
1,200 | 1,220 | 150 | 127 | 104 | 81 | 58 | 35 | 20 | 4 | 0 | 0 | 0 |
1,220 | 1,240 | 153 | 130 | 107 | 84 | 61 | 38 | 22 | 6 | 0 | 0 | 0 |
1,240 | 1,260 | 156 | 133 | 110 | 87 | 64 | 41 | 24 | 8 | 0 | 0 | 0 |
1,260 | 1,280 | 159 | 136 | 113 | 90 | 67 | 44 | 26 | 10 | 0 | 0 | 0 |
1,280 | 1,300 | 162 | 139 | 116 | 93 | 70 | 47 | 28 | 12 | 0 | 0 | 0 |
1,300 | 1,320 | 165 | 142 | 119 | 96 | 73 | 50 | 30 | 14 | 0 | 0 | 0 |
1,320 | 1,340 | 168 | 145 | 122 | 99 | 76 | 53 | 32 | 16 | 1 | 0 | 0 |
1,340 | 1,360 | 171 | 148 | 125 | 102 | 79 | 56 | 34 | 18 | 3 | 0 | 0 |
1,360 | 1,380 | 174 | 151 | 128 | 105 | 82 | 59 | 36 | 20 | 5 | 0 | 0 |
1,380 | 1,400 | 177 | 154 | 131 | 108 | 85 | 62 | 39 | 22 | 7 | 0 | 0 |
1,400 | 1,420 | 180 | 157 | 134 | 111 | 88 | 65 | 42 | 24 | 9 | 0 | 0 |
1,420 | 1,440 | 183 | 160 | 137 | 114 | 91 | 68 | 45 | 26 | 11 | 0 | 0 |
1,440 | 1,460 | 186 | 163 | 140 | 117 | 94 | 71 | 48 | 28 | 13 | 0 | 0 |
1,460 | 1,480 | 189 | 166 | 143 | 120 | 97 | 74 | 51 | 30 | 15 | 0 | 0 |
1,480 | 1,500 | 192 | 169 | 146 | 123 | 100 | 77 | 54 | 32 | 17 | 2 | 0 |
1,500 | 1,520 | 195 | 172 | 149 | 126 | 103 | 80 | 57 | 34 | 19 | 4 | 0 |
1,520 | 1,540 | 199 | 175 | 152 | 129 | 106 | 83 | 60 | 37 | 21 | 6 | 0 |
1,540 | 1,560 | 204 | 178 | 155 | 132 | 109 | 86 | 63 | 40 | 23 | 8 | 0 |
1,560 | 1,580 | 209 | 181 | 158 | 135 | 112 | 89 | 66 | 43 | 25 | 10 | 0 |
1,580 | 1,600 | 214 | 184 | 161 | 138 | 115 | 92 | 69 | 46 | 27 | 12 | 0 |
1,600 | 1,620 | 219 | 187 | 164 | 141 | 118 | 95 | 72 | 49 | 29 | 14 | 0 |
1,620 | 1,640 | 224 | 190 | 167 | 144 | 121 | 98 | 75 | 52 | 31 | 16 | 0 |
1,640 | 1,660 | 229 | 193 | 170 | 147 | 124 | 101 | 78 | 55 | 33 | 18 | 2 |
1,660 | 1,680 | 234 | 196 | 173 | 150 | 127 | 104 | 81 | 58 | 35 | 20 | 4 |
1,680 | 1,700 | 239 | 200 | 176 | 153 | 130 | 107 | 84 | 61 | 38 | 22 | 6 |
1,700 | 1,720 | 244 | 205 | 179 | 156 | 133 | 110 | 87 | 64 | 41 | 24 | 8 |
1,720 | 1,740 | 249 | 210 | 182 | 159 | 136 | 113 | 90 | 67 | 44 | 26 | 10 |
1,740 | 1,760 | 254 | 215 | 185 | 162 | 139 | 116 | 93 | 70 | 47 | 28 | 12 |
1,760 | 1,780 | 259 | 220 | 188 | 165 | 142 | 119 | 96 | 73 | 50 | 30 | 14 |
1,780 | 1,800 | 264 | 225 | 191 | 168 | 145 | 122 | 99 | 76 | 53 | 32 | 16 |
1,800 | 1,820 | 269 | 230 | 194 | 171 | 148 | 125 | 102 | 79 | 56 | 34 | 18 |
1,820 | 1,840 | 274 | 235 | 197 | 174 | 151 | 128 | 105 | 82 | 59 | 36 | 20 |
1,840 | 1,860 | 279 | 240 | 202 | 177 | 154 | 131 | 108 | 85 | 62 | 39 | 22 |
1,860 | 1,880 | 284 | 245 | 207 | 180 | 157 | 134 | 111 | 88 | 65 | 42 | 24 |
1,880 | 1,900 | 289 | 250 | 212 | 183 | 160 | 137 | 114 | 91 | 68 | 45 | 26 |
1,900 | 1,920 | 294 | 255 | 217 | 186 | 163 | 140 | 117 | 94 | 71 | 48 | 28 |
1,920 | 1,940 | 299 | 260 | 222 | 189 | 166 | 143 | 120 | 97 | 74 | 51 | 30 |
1,940 | 1,960 | 304 | 265 | 227 | 192 | 169 | 146 | 123 | 100 | 77 | 54 | 32 |
1,960 | 1,980 | 309 | 270 | 232 | 195 | 172 | 149 | 126 | 103 | 80 | 57 | 34 |
1,980 | 2,000 | 314 | 275 | 237 | 198 | 175 | 152 | 129 | 106 | 83 | 60 | 37 |
2,000 | 2,020 | 319 | 280 | 242 | 203 | 178 | 155 | 132 | 109 | 86 | 63 | 40 |
2,020 | 2,040 | 324 | 285 | 247 | 208 | 181 | 158 | 135 | 112 | 89 | 66 | 43 |
2,040 | 2,060 | 329 | 290 | 252 | 213 | 184 | 161 | 138 | 115 | 92 | 69 | 46 |
2,060 | 2,080 | 334 | 295 | 257 | 218 | 187 | 164 | 141 | 118 | 95 | 72 | 49 |
2,080 | 2,100 | 339 | 300 | 262 | 223 | 190 | 167 | 144 | 121 | 98 | 75 | 52 |
$2,100 and over | Use Table 2(a) for a SINGLE person on page 45. Also see theinstructions on page 43. | |||||||||||
Page 52 | Publication 15 (2015) |
$818.40
$797.18
$825.99
$802.49