question

marginal benefit

answer

the additional benefit to a consumer from consuming one more unit of a good or service

question

marginal cost

answer

the cost of producing one more unit of a good

question

When marginal benefits equal marginal costs

answer

When are net benefits maximized?

question

CP=Ay(Py/Qd)

- = compliment

+ = substitute

answer

what is the cross price elasticity of demand formula?

question

IP= Am(Pm/Qd)

+ = normal good

- = inferior good

answer

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.

answer

What is R-square?

question

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

answer

t-statistic

question

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

answer

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.

answer

P-values of .05 or lower are

question

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

answer

The closer the R-square is to 1

question

Cross-price elasticity

answer

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

answer

CPE > 0

question

Compliments

answer

CPE < 0

question

elastic

answer

Elasticity > 1

question

inelastic

answer

Elasticity < 1

question

unitary elastic

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

answer

Elasticity = 1

The price is based on these factors:

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