CP=Ay(Py/Qd)
- = compliment
+ = substitute
IP= Am(Pm/Qd)
+ = normal good
- = inferior good
Coefficient of determination
It tells the fraction of the total variation in the dependent variable that is explained by the regression.
the ratio of the value of the parameter estimate to its standard error.
the manager can be 95 percent confident that the true value of the underlying parameter in the regression is not zero.
Considered low enough for a researcher to be confident that the estimated coefficient is statistically significant.
the "better" the overall fit of the estimated regression equation to the actual data
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.
Elasticity > 1
Elasticity < 1
unitary elastic
a given percentage change in price leads to an equal percentage change in quantity demanded or supplied.
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