3

A New York City orange juice wholesaler is trying to link orange juice demand to how long a sale for orange juice has been going on. The wholesaler collect daily da...

Question

A New York City orange juice wholesaler is trying to link orange juice demand to how long a sale for orange juice has been going on. The wholesaler collect daily data that included the demand (in number of cases of OJ) and the number of days that a sale has been going on (Days) The quadratic model E(Y) = Bo+B1x+Bzx? was fit and the Statistix printout is shown below:Least Squares Linear Regression of DemandPredictor Variables Constant Day DaySqCoefficient 4944.22 -183.029 7 . 46292Std Error 829.6

A New York City orange juice wholesaler is trying to link orange juice demand to how long a sale for orange juice has been going on. The wholesaler collect daily data that included the demand (in number of cases of OJ) and the number of days that a sale has been going on (Days) The quadratic model E(Y) = Bo+B1x+Bzx? was fit and the Statistix printout is shown below: Least Squares Linear Regression of Demand Predictor Variables Constant Day DaySq Coefficient 4944.22 -183.029 7 . 46292 Std Error 829.601 93.3186 2.20728 VIF 5.96 -1.96 3.38 0.0000 0.0574 0.0017 16 _ 16.8 Rz Adjusted Rz AICc PRESS 0.5232 0.4974 599.30 1.17E+08 Mean Square Error (MSE) 2763016 Standard Deviation 1662.23 Source Regression Residual Total DF SS 1.122E+08 1.022E+08 2.144E+08 MS 5.608E+07 2763016 20.30 0.0000 37 39 Cases Included 40 Missing Cases Fill in the blanks to the following statement: We can explain of the variation in the sampled using the quadratic relationship provided by this model: 52.32%; demand values 49.74%; day values 33.24%; demand values 1662; demand values



Answers

Filling Bottles A certain brand of apple juice is supposed "to have 64 ounces of juice. Because the punishment for underfilling bottles is severe, the target mean amount of juice is 64.05 ounces. However, the filling machine is not precise, and the exact amount of juice varies from bottle to bottle. The quality-control manager wishes to verify that the mean amount of juice in each bottle is 64.05 ounces so that she can be sure that the machine is not over- or underfilling. She randomly samples 22 bottles of juice and measures the content and obtains the following data: $$\begin{array}{llllll} 64.05 & 64.05 & 64.03 & 63.97 & 63.95 & 64.02 \\ \hline 64.01 & 63.99 & 64.00 & 64.01 & 64.06 & 63.94 \\ \hline 63.98 & 64.05 & 63.95 & 64.01 & 64.08 & 64.01 \\ \hline 63.95 & 63.97 & 64.10 & 63.98 & & \end{array}$$ (a) Because the sample size is small, she must verify that the amount of juice is normally distributed and the sample does not contain any outliers. The normal probability plot and boxplot are shown. Are the conditions for testing the hypothesis satisfied? (b) Should the assembly line be shut down so that the machine can be recalibrated? Assume $\sigma=0.06$ ounces and use a 0.01 level of significance. (c) Explain why a level of significance of $\alpha=0.01$ might be more reasonable than $\alpha=0.1 .$ [Hint: Consider the consequences of incorrectly rejecting the null hypothesis.] FIGURE CANT COPY

Okay, So the basic question the basic question here saying that if we see a post supplied to Chris and demand across there any possible too, you know, we see a price increase. The so the answer should be yes. So us recently drawn a original grow. Sure, this is quality. This is price. And we have a way should like her and demand curves. We we have a equal them price P one and equipment quantity. Q one here showed the first day that with cedars of demanding quits So they demanded Krystle this acquis ian that ship off the manker. So this is the primes is the last ship which matters demand across and at the same time, Because observed something familiar change. We also see a supply to Chris. Just a plant. Of course, we're also seeing left shift of the supply curse, shall we witnessing This is a map showing all supplied her from asked to ask, right, she'll to find a new equivalent. When did you find the cross points off the new demand? Karan new supply crew. She should be this point here. And if your jacket show this point here we have a new equipment. Christ speech. You and the other group in front. The quality too cute You shall compare. Was P one be Chua's waters and he wants. So that means even they will see a demand. Of course, in this case, was still see a price in Chris in the new record room. The reason white is all the change of demand is actually last of the change of supply show. As a result, we'll see a price we could nuke Ekuban price increase.

Part one. To estimate the demand equation, we need at least one exhaustion is variable that appears in their supply equation part to you. For the two variables Wave to T. And wave three T. To be valid instruments for the lock of average price. We need to assumptions First, these two can be excluded from the demand equation. Yeah. This may not be entirely reasonable as wave heights are determined partly by weather. Yeah. And the demand at a local fish market could also depend on whether the second assumption at least One of wave two and wave three appears in the supply equation. There is evidence of this in part three, as the two variables are jointly significant in the reduced form for lock of average price, Part three, these are the L. L. S. estimates of the reduced form. The lock of irish price depends on weekday dummies, we have monday, Tuesday Wednesday thursday. The two explanatory variables are the main ones are wave two and weigh three. There are 97 observations and our square is .3. We test the not hypothesis. The coefficient of way to equals the coefficient of way three. All together equal zero With an f statistic of 19.1 and AP value roughly zero. We are able to retract the null hypothesis and we conclude that two variables wave t way to and weigh three are yeah, George, lee pictures very significant. Mhm. Uh huh. In part four we will estimate the demand function by two stage least square. This is what we get. Mhm. So total quantity in lug has a negative relationship with average price and with monday Tuesday Wednesday dummies, total quantity has a positive relationship with her stay dummy. Again we use 97 observations and our square is .193. The demand elasticity is the coefficient of a lot of average price. This one The 95 confidence interval for the demand elasticity is about -1.47 two minus point 17 at this point When is 1.47 to -17. The point estimate point -12 seems reasonable. Mm hmm. A 10% increase in price reduces quantity demanded. Yeah. Bye. 8.2 percent. Part five. We find a strong you find strong evidence of positive serial correlation because we estimate the coefficient of you IT -1 to be point two 94 with a centered barrel of .103. Yeah. So we could fix this problem by estimating a new we west centered errol for the two stage least square instead of the usual standard error. Hard 6th. To estimate the supply elasticity, we would have to assume that the weekday dummies do not appear in the supply equation. Yeah, yeah. But yeah, they do appear in the demand equation. Part three Shows. Is that, yeah, there are weekday effects in the demand function, but we cannot know about the supply function. Part seven. In the estimation of the reduced forum for log of average price In part three, the weekday dummies are jointly insignificant. The value of the f statistic is .53 very small and the p value is .71. This means some of these dummies could show up in the demand equation, but they canceled out in a way that they do not affect the equilibrium price Once we've two and wave three are in the equation, so we can't estimate the supply equation without more information.


Similar Solved Questions

5 answers
Looot biftavy 3 000 _ Resistor 6 So M F capacitor connccteel ib Sevc % $ find Hc CuWcn t 2 30D0 82 M(COU0 .SmF
looot biftavy 3 000 _ Resistor 6 So M F capacitor connccteel ib Sevc % $ find Hc CuWcn t 2 30D0 82 M (COU 0 .SmF...
4 answers
Let m =+ 2 If both_ 11 and n2 + 2. arc prime integers, isprime O1 composite' Provideproof:
Let m = + 2 If both_ 11 and n2 + 2. arc prime integers, is prime O1 composite' Provide proof:...
5 answers
Point)Evaluate the limit. (Use symbolic notation and fractions where needed: Use inf for infinity)3x lim X-0
point) Evaluate the limit. (Use symbolic notation and fractions where needed: Use inf for infinity) 3x lim X-0...
5 answers
A one sample (-est was conductea on popuiation Wiin MF/5 ana sample with M=98. Ine variance was 144. whal IS (ne correct ettect Size or the study? ad =1.92 b.d =0.16 More information is needed to solve the problem
A one sample (-est was conductea on popuiation Wiin MF/5 ana sample with M=98. Ine variance was 144. whal IS (ne correct ettect Size or the study? ad =1.92 b.d =0.16 More information is needed to solve the problem...
5 answers
EstonFind the electric field at a distance of 0.4 m from an infinite length line with linear charge density of 62 ncl:tyet weredSelect one: Oa. 7.0 kN/CIrked out of 5Flag quesbonOb. 2.8 kNCc 0.74 KN/COd: 14KN/C
eston Find the electric field at a distance of 0.4 m from an infinite length line with linear charge density of 62 ncl: tyet wered Select one: Oa. 7.0 kN/C Irked out of 5 Flag quesbon Ob. 2.8 kNC c 0.74 KN/C Od: 14KN/C...
5 answers
$mathrm{H}_{2}$ can be obtained from:(a) water gas $left(mathrm{CO}+mathrm{H}_{2}ight)$ by liquefaction of $mathrm{CO}$ at low temperature under pressure(b) water gas by oxidation of $mathrm{CO}$ into $mathrm{CO}_{2}$ (by steam) which can be easily removed by dissolving in $mathrm{H}_{2} mathrm{O}$ (c) electrolysis of water or $mathrm{NaOH}$ (d) all are correct
$mathrm{H}_{2}$ can be obtained from: (a) water gas $left(mathrm{CO}+mathrm{H}_{2} ight)$ by liquefaction of $mathrm{CO}$ at low temperature under pressure (b) water gas by oxidation of $mathrm{CO}$ into $mathrm{CO}_{2}$ (by steam) which can be easily removed by dissolving in $mathrm{H}_{2} mathrm{O...
5 answers
Find the area bounided by the cuives y =3x andy=3xThe area is (Simplify your answer: )
Find the area bounided by the cuives y =3x andy=3x The area is (Simplify your answer: )...
5 answers
Table of values for f,g, f' , and g is given below:f(c) g(c) f' (x) 9 (.) ~4 -2 -3 -3 -4 3 0 2 ~2 2 -3 2 4If h(z) = f(g(.)) , find h' (_4) h' (_4) =(6) If H(z) = g(f(z)) , find H'(_4). H' (_4) =
table of values for f,g, f' , and g is given below: f(c) g(c) f' (x) 9 (.) ~4 -2 -3 -3 -4 3 0 2 ~2 2 -3 2 4 If h(z) = f(g(.)) , find h' (_4) h' (_4) = (6) If H(z) = g(f(z)) , find H'(_4). H' (_4) =...
1 answers
Sketch the graph and classify the discontinuities (if any) as being removable or essential. If the latter, is it a jump discontinuity, an infinite discontinuity, or neither. $$g(x)=\left\{\begin{aligned} 2 x \cdot 1, & x<1 \\ 0, & x=1 \\ 1 / x^{2}, & x, \cdot 1. \end{aligned}\right.$$
Sketch the graph and classify the discontinuities (if any) as being removable or essential. If the latter, is it a jump discontinuity, an infinite discontinuity, or neither. $$g(x)=\left\{\begin{aligned} 2 x \cdot 1, & x<1 \\ 0, & x=1 \\ 1 / x^{2}, & x, \cdot 1. \end{aligned}\right.$$...
5 answers
Does have any local maximum or explain your answer:unum values betwcen x=0 and *=8? BrieflyDraw the general shape of the graph of between 1=4 and T=s
Does have any local maximum or explain your answer: unum values betwcen x=0 and *=8? Briefly Draw the general shape of the graph of between 1=4 and T=s...
5 answers
Hours of Sleep;JExam Score_ 50 90 174 65Using the regression equation that predicts exam scores using hours of sleep, what is the estimated score of a student who sleeps for 7 hours
Hours of Sleep; JExam Score_ 50 90 174 65 Using the regression equation that predicts exam scores using hours of sleep, what is the estimated score of a student who sleeps for 7 hours...
4 answers
Mako selection from the Activity Series that Is & strong enough reduclng agent wth Ag' but wll nol read wlih H , roeclName your selecled metal hereCan your solected motal reduco Cr"*?Whai perceni metals tho Series stronger reduclng #gents than your saloctad metal? Whal percEnt = molals" cations are able oxidize yojr choson motal?Ansy0rg:42.1%IlI: 52.6%ARE THESE ANSWERS CORRECT7
Mako selection from the Activity Series that Is & strong enough reduclng agent wth Ag' but wll nol read wlih H , roecl Name your selecled metal here Can your solected motal reduco Cr"*? Whai perceni metals tho Series stronger reduclng #gents than your saloctad metal? Whal percEnt = mo...
5 answers
Which one 0f the following sequences does diverge to infinity? an= (-1)"(1-1) 0a3n 0b. J=.n32n an= n+lIn n Oa an In 2n
Which one 0f the following sequences does diverge to infinity? an= (-1)"(1-1) 0a 3n 0b. J=.n3 2n an= n+l In n Oa an In 2n...
5 answers
[-/1 Points]DETAILSSWOKPRECALC13 9.3.051.w*RcdsFind the rationat numocr re presentedrcp eatino declmal0.43Need Holp?[0/1 Polnts]DETAILSPREVIOUS ANSWERSSWOKPRECALC1} 9.3,057.MYNOTESFind the rationa number represented by the repcatIng decimal, -1403Need Help?Viawino Suvud Wor RomnAado[-/1 Points]DETAILSSWOKPRECALC13 9.3.059.MMNotarFlnd the geometric cun of [1 and
[-/1 Points] DETAILS SWOKPRECALC13 9.3.051. w*Rcds Find the rationat numocr re presented rcp eatino declmal 0.43 Need Holp? [0/1 Polnts] DETAILS PREVIOUS ANSWERS SWOKPRECALC1} 9.3,057. MYNOTES Find the rationa number represented by the repcatIng decimal, -1403 Need Help? Viawino Suvud Wor Romn Aado ...
5 answers
2 How many d electrons and how many unpaired electrons does each of the following have: In cases where both high and low spin cases are possible, indicate the number for each case, and which is more likely.[Fe(bpy)s] +b. [Fe(bpy)s] +[Co(NOz)]4d. [Cr(CN)s]4[Fe(CN)]+[FeClo]+-g. [Co(NHs)s] +h_ [V(HzO)]3+
2 How many d electrons and how many unpaired electrons does each of the following have: In cases where both high and low spin cases are possible, indicate the number for each case, and which is more likely. [Fe(bpy)s] + b. [Fe(bpy)s] + [Co(NOz)]4 d. [Cr(CN)s]4 [Fe(CN)]+ [FeClo]+- g. [Co(NHs)s] + h_ ...
5 answers
7.44 Suppose that 1i, 1n arC randOm sample from lognormal distri- bution. Construct 95% confidence interval for the parameter Use Monte Carlo method to obtain an empirical estimate of the confidence level when data is gencrated from standard lognorial,
7.44 Suppose that 1i, 1n arC randOm sample from lognormal distri- bution. Construct 95% confidence interval for the parameter Use Monte Carlo method to obtain an empirical estimate of the confidence level when data is gencrated from standard lognorial,...

-- 0.019134--