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17 Dec 2019

If the supply of a good is inelastic,

  1. producers will not change their quantity supplied by much if the market price doubles.

  2. a small increase in price will lead producers to sharply increase their quantity supplied.

  3. producers have diminishing marginal returns of labor.

  4. producers will increase their quantity supplied in response to sharp drops in the market price.

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Bunny Greenfelder
Bunny GreenfelderLv2
17 Dec 2019
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Related textbook solutions

Introductory Statistics
OER Edition, 2013
Openstax
ISBN: 9781938168208

Related questions

Which of the following is consistent with the law of supply?

 

  1. An increase in price causes an increase in the quantity supplied, and a decrease in price causes a decrease in the quantity supplied

  2. A change in price causes a shift in the supply curve

  3. Supply shifts are caused not by a single variable but most likely by a number of different variables

  4. All of the above are consistent with the law of supply

Multiple Choice

1. You have a large dataset that will print on several pages. You want to ensure that related records print on the same page with column and row labels visible and that confidential information is not printed. You should apply all of the following page setup options except which one to accomplish this task?

(a) Set a print area.

(b) Print titles.

(c) Adjust page breaks.

(d) Change the print page order.

2. You are working with a large worksheet. Your row headings are in column A. Which command(s) should be used to see the row headings and the distant information in columns X, Y, and 2?

(a) Freeze Panes command

(b) Hide Rows command

(c) New Window command and cascade the windows

(d) Split Rows command

3. Which statement is not a recommended guideline for designing and creating an Excel table?

(a) Avoid naming two fields with the same name.

(b) Ensure that no blank columns separate data columns within the table.

(c)-Leave one blank row between records in the table.

(d) Include field names on the first row of the table.

4. Which of the following characters are wildcards in Excel? (Check all that apply.)

(a) *

(b) #

(e) ?

(d) $

5. What should you do to ensure that records in a table are unique?

(a) Do nothing; a logical reason probably exist to keep identical records.

(b) Use the remove duplicates command.

(c) Look at each row yourself and manually delete duplicate records.

(d) Find the duplicate records and change some of the data to be different

6. Which Conditional Formatting rule is best suited to apply formatting to the top five values in a range of values?

(a) Above Average

(b) Greater Than

(c). Top 10 Items

(d) Between

7. Which date filter option enables you to restrict the view to only dates that occur in March of 2018?

(a) Equals

(b) Before

(c) After

(d) Between

8. Which of the following is an unqualified structured reference?

(a) =[Purchase_Price]-[Down Payment]

(b) =Sales[Purchase_Price]-Sales[Down_Payment]

(c) =Purchase Price-Down_Payment

(d) =[Sales]Purchase_Price [Sales]Down_Payment

 

9. Which of the following is not an aggregate function that can be applied in a total row?

(a) MAX

(b) AVERAGE

(c) COUNT

(d) VLOOKUP

 

10. If you would like to set a conditional formatting rule based on the function=AND(G6"Finance". H7<7000), which formatting rule type is needed?

(a) Format all cells based on their values

(b) Format only cells that contain

(c) use formula to determine which cells to format

(d) Format only values that are above or below average

Researchers measured the blood pressures of 22 students in
two situations: when the students were relaxed and when the students were taking an
important examination. The file
systolic.txt
lists the systolic and diastolic pressures for
each student in each situation. Dataset is available at
systolic_url = "https://mcs.utm.utoronto.ca/~nosedal/data/systolic.txt"
Use R
to answer each of the following questions. You have to show
all your work
to get
full credit.
Answers, even if correct, with no justifications will not receive any
marks
.
a)
Using R
, compute the change in systolic pressure by subtracting systolic pressure when
relaxed from systolic pressure during the exam; call this variable
X
.
b)
Using R
, repeat part a) for diastolic pressure. Call the resulting variable
Y
.
c)
Using R
, make a scatterplot of
Y
versus
X
, fit a regression line to the data and add
this line to your plot. Use: 2 c) your last name as the main title for your plot. (In my
case it would be: 2 c) Nosedal).
Important note. Use
Y
as your response variable and label horizontal and vertical axes.
d) What is the fitted regression model? Provide slope and y-intercept
explicitly
.
Use R
to find them.
e)
Using R
, make a residual plot from the regression in part c). Does this plot call into
question the use of a linear model? Why?
Note. Use:
2 e) your last name
as the main title for your plot. (In my case it would
be:
2 e) Nosedal
).
f) Note the outlier in the residual plot (and on the scatterplot from part c)).
Using
R
, delete the outlier from the data set. Then repeat parts c) and e). Note. Use:
2 f )
your last name
as the main title for your plots. (In my case it would be:
2 f ) Nosedal
).
g) What is the fitted regression model (after the outlier has been removed)? Provide slope
and y-intercept
explicitly
.
Use R
to find them.

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