EC255 Chapter Notes - Chapter 13: Analysis Of Variance, Standard Deviation, Null Hypothesis

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coralwoodchuck884

19 Aug 2016

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Partial regression coefficient: represents increase that will occur in the value of y from a one-unit increase. Full (vs. partial) regression coefficient of an independent variable is a coefficient obtained from the bivariate model (simple regression) in which independent variable is the sole predictor of y. Partial regression coefficients occur b/c more than 1 predictor is included in model. Partial regression coefficients are analogous to , the slope of the simple regression model. Partial regression coefficients and the regression constant of a multiple regression model are population values and are unknown estimated using sample information. Multiple regression model with two independent variables (first order) Constant and coefficients are estimated from sample information: Simple regression models yield a line that"s fit through data points in the xy plane. Response surface: what the resulting model produces in a multiple regression analysis. Response plane is fit in a 3d space.

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True/False Questions

Circle T or F for True or False. For full credit and reward for help, please provide a written answer using complete sentences for each question.

1. T F In a simple linear regression, if the independent variable has a small variance, the estimated slope coefficient, b^, will have a large p-value.

2. T F Demographic variables are included in an estimated demand function to proxy for tastes and preferences.

3. T F The estimated intercept, ?, in any simple or multiple regression has the same units of measure as the dependent variable, yi.

4. T F A trend variable in a linear regression model will shift the intercept up or down.

5. 5. T F In a simple regression, if the correlation between the dependent and independent variables is zero, the conditional mean of the dependent variable is equal to the unconditional mean.

Thank you to anyone able to help and I hope to hear from someone as soon as they can, I am trying to figure these out to reference for my test tomorrow. I am not sure how to properly state each of the answers and truly appreciate any help that anyone can give me in trying to help me with these questions.

Question 1

Which of the following approaches to understanding and predicting consumer behavior depends primarily on the knowledge and experience of a firm's employees and its suppliers?

		Test marketing and price experiments
		Analysis of historical data.
		Direct consumer surveys.
		Expert opinion.

Question 2

In which of the following situations would reliance on expert opinion as a basis for a managerial decision be most preferred?

		When the product being marketed is relatively new.
		When the level of economic activity can have a significant effect on the demand for the firm's output.
		When the product can be packaged with a variety of price and quality combinations.
		When the business in question serves as a supplier of inputs to other businesses, especially in multi-product situations where other strategies may be prohibitively expensive.

Question 3

The approach to analyzing consumer behavior that asks consumers to rank and choose among different product attributes to reveal their relative valuation of different characteristics is called:

		conjoint analysis.
		contingent valuation.
		the hedonic estimation technique.
		a direct consumer survey.

Question 4

All of the following are limitations of direct consumer surveys except:

		the possibility of response biases because survey respondents may not want to reveal their true preferences.
		the possibility that the type of questions asked may unintentionally bias the respondent's answers.
		the likelihood that respondents will deliberately and systematically mislead interviewers.
		the possibility that consumers' responses may not reflect their actual behavior in the market place.

Question 5

Which of the following approaches to understanding and predicting consumer behavior does not actually solicit any information from potential customers?

		Expert opinion.
		Test marketing.
		Analysis of historical data.
		Conjoint analysis.

Question 6

Data collected on a sample of individuals with different characteristics at a specific point in time are called:

		panel data.
		cross-section data.
		time series data.
		none of the above.

Question 7

Which of the following approaches to understanding and predicting consumer behavior provides the most insight into how consumers can be expected to respond in an actual market setting?

		Test marketing.
		Conjoint analysis.
		Expert opinion.
		Analysis of historical data.

Question 8

An approach to analyzing consumer behavior in which consumer reaction to different prices is analyzed in a laboratory situation or a test market is called:

		non-price experiments.
		focus groups.
		price experiments.
		none of the above.

Question 9

Data collected on the same observation unit at a number of points in time are called:

		panel data.
		time series data.
		cross-section data.
		none of the above.

Question 10

A measure of how much the coefficient would vary in regressions based on different samples is called:

		F-statistic.
		standard error of the estimated coefficient.
		t-statistic.
		partial F-statistic.

Question 11

The test statistic used to test the hypothesis of whether a regression coefficient is significantly different from zero, holding all other independent variables constant, is called a(n):

		t-test.
		F-test.
		multicollinearity test.
		autocorrelation test.

Question 12

Regression analysis that analyzes the relationship between one dependent variable and several independent variables is called:

		cluster analysis.
		correlation analysis.
		multiple regression analysis.
		simple regression analysis.

Question 13

The ratio of the regression coefficient to its standard error is called:

		F-statistic.
		t-statistic.
		coefficient of determination.
		partial F-statistic.

Question 14

The coefficient of determination will range between what values?

		-1 and +1
		0 and 1
		-3 and +3
		none of the above

Question 15

The range of values in which we can be confident that the true regression coefficient lies within a given degree of probability is called a:

		confidence interval.
		logistic regression.
		prediction interval.
		none of the above.

Question 16

The estimated regression equation is Y = 10 + 2.5X, if X =0 than the predicted value of Y is equal to

		2.5
		7.5
		12.5
		10

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EC255 Chapter Notes - Chapter 13: Analysis Of Variance, Standard Deviation, Null Hypothesis

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