Part 2 of ME - Custom Scholars
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# Part 2 of ME

question
marginal benefit
the additional benefit to a consumer from consuming one more unit of a good or service
question
marginal cost
the cost of producing one more unit of a good
question
When marginal benefits equal marginal costs
When are net benefits maximized?
question

CP=Ay(Py/Qd)

- = compliment

+ = substitute

what is the cross price elasticity of demand formula?
question

IP= Am(Pm/Qd)

+ = normal good

- = inferior good

what is the income price elasticity of demand formula?
question

Coefficient of determination

It tells the fraction of the total variation in the dependent variable that is explained by the regression.

What is R-square?
question

the ratio of the value of the parameter estimate to its standard error.

t-statistic
question

the manager can be 95 percent confident that the true value of the underlying parameter in the regression is not zero.

When the absolute value of the t-statistic is greater than 2,
question

Considered low enough for a researcher to be confident that the estimated coefficient is statistically significant.

P-values of .05 or lower are
question

the "better" the overall fit of the estimated regression equation to the actual data

The closer the R-square is to 1
question
Cross-price elasticity

A measure of the responsiveness of the demand for a good to changes in the price of a related good; is the percentage change in the quantity demanded of one good divided by the percentage change in the price of a related good.

question
Substitues
CPE > 0
question
Compliments
CPE < 0
question
elastic

Elasticity > 1

question
inelastic

Elasticity < 1

question

unitary elastic

a given percentage change in price leads to an equal percentage change in quantity demanded or supplied.

Elasticity = 1
1 of 16
question
marginal benefit
the additional benefit to a consumer from consuming one more unit of a good or service
question
marginal cost
the cost of producing one more unit of a good
question
When marginal benefits equal marginal costs
When are net benefits maximized?
question

CP=Ay(Py/Qd)

- = compliment

+ = substitute

what is the cross price elasticity of demand formula?
question

IP= Am(Pm/Qd)

+ = normal good

- = inferior good

what is the income price elasticity of demand formula?
question

Coefficient of determination

It tells the fraction of the total variation in the dependent variable that is explained by the regression.

What is R-square?
question

the ratio of the value of the parameter estimate to its standard error.

t-statistic
question

the manager can be 95 percent confident that the true value of the underlying parameter in the regression is not zero.

When the absolute value of the t-statistic is greater than 2,
question

Considered low enough for a researcher to be confident that the estimated coefficient is statistically significant.

P-values of .05 or lower are
question

the "better" the overall fit of the estimated regression equation to the actual data

The closer the R-square is to 1
question
Cross-price elasticity

A measure of the responsiveness of the demand for a good to changes in the price of a related good; is the percentage change in the quantity demanded of one good divided by the percentage change in the price of a related good.

question
Substitues
CPE > 0
question
Compliments
CPE < 0
question
elastic

Elasticity > 1

question
inelastic

Elasticity < 1

question

unitary elastic

a given percentage change in price leads to an equal percentage change in quantity demanded or supplied.

Elasticity = 1

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