● 1. The table below lists 4 observations of price (Px) and quantity (Qx) for a product X, their respective averages or means, and the estimated Q values (Q*) based on a demand function (Q* = 208-0.1Px). Entry Px Qx Q* 1 $220 176 186 2 $520 147 156 a. Compute the TSS value for the observation above: 3 $480 153 160 b. Compute the SSE value for the observations above: 4 $580 144 150 5 $340 175 174 c. Compute the R² value (round to two decimals) based on your answers above and interpret its meaning: Mean $428 159

● 1. The table below lists 4 observations of price (Px) and quantity (Qx) for a product X, their respective averages or means, and the estimated Q values (Q) based on a demand function (Q = 208-0.1Px). Entry Px Qx Q* 1 $220 176 186 2 $520 147 156 a. Compute the TSS value for the observation above: 3 $480 153 160 b. Compute the SSE value for the observations above: 4 $580 144 150 5 $340 175 174 c. Compute the R² value (round to two decimals) based on your answers above and interpret its meaning: Mean $428 159

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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