Hw3 Data - Sol (1)

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SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations

0.38 0.14 0.1 4.26 20

ANOVA df Regression Residual Total

Intercept Price/pound

SS 1 18 19

MS 55.17 326.82 381.99

Coefficients Standard Error 69.88 8.77 -0.55 0.32

F 55.17 18.16

t Stat

P-value

7.97 -1.74 Price change

Beef Consumption Price

56.05 25

3.04

0 0.1 New C

55.91 1% 25.25 New Price

Significance F 0.1

Lower 95% 51.45 -1.22 Change in C

Upper 95% 88.3 0.11 Elasticity

0

-0.25

SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations

0.96 0.92 0.91 1.37 20

ANOVA df Regression Residual Total

Intercept Price/pound Income Pork.Consumption Beef Consumption Price Income Pork Consumption

SS 3 16 19

MS 351.88 30.11 381.99

Coefficients Standard Error 90.81 5.27 -1.85 0.15 0.08 0.01 -0.42 0.05 59.18 25 475 60

F 117.29 1.88

t Stat

62.33

P-value

17.25 -12.67 12.11 -7.69 Price change

0 0 0 0 New C

58.71 1% 25.25 New Price Income Change New C

New constant term

105.42 25

59.57 1% 479.75 New Price

Significance F 0

Lower 95% 79.65 -2.16 0.07 -0.53

Upper 95% 101.98 -1.54 0.1 -0.3

Change in C Price Elasticity -0.01 -0.78

Change in C Income Elasticity 0.01 0.67

Year 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941

Beef.Consumption Price/pound Income Pork.Consumption 59.1 23.1 452 65.7 59.6 23.6 505 74.2 59.5 24.1 499 74 59.5 24.5 507 66.8 60.3 24.8 515 64.1 54.5 26.5 520 67.7 48.7 30.5 533 70.9 49.7 32 556 69.6 48.9 30.3 506 67 48.6 27.6 474 68.4 46.7 25.5 400 70.7 51.5 23.3 394 69.6 55.9 24.4 430 63.1 52.9 31.1 468 48.4 58.1 28.9 522 55.1 55.2 31.7 537 55.8 54.4 28.5 502 58.2 54.7 29.7 542 64.7 54.9 29.5 575 73.5 60.9 30 663 68.4

Average Cost Curves 50.000 45.000 40.000 35.000 30.000

Cost

25.000

MR AFC AVC ATC MC Column B

20.000 15.000 10.000 5.000 0.000 -5.000 -10.000 0

5

10

15

20

25

30

35

40

45

50

Quantity

55

60

65

70

75

80

85

90

95

100

Quantity 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43

Price TR MR 56.990 0 56.450 56.450 55.909 111.818 55.369 166.106 54.828 219.312 54.287 271.437 53.747 322.481 53.206 372.444 52.666 421.325 52.125 469.126 51.585 515.845 51.044 561.483 50.503 606.040 49.963 649.516 49.422 691.911 48.882 733.224 48.341 773.456 47.800 812.607 47.260 850.677 46.719 887.666 46.179 923.573 45.638 958.400 45.098 992.145 44.557 1024.809 44.016 1056.392 43.476 1086.894 42.935 1116.314 42.395 1144.654 41.854 1171.912 41.313 1198.089 40.773 1223.185 40.232 1247.200 39.692 1270.133 39.151 1291.985 38.610 1312.757 38.070 1332.447 37.529 1351.056 36.989 1368.583 36.448 1385.030 35.908 1400.395 35.367 1414.679 34.826 1427.882 34.286 1440.004 33.745 1451.045

TFC 56.450 55.369 54.287 53.206 52.125 51.044 49.963 48.882 47.800 46.719 45.638 44.557 43.476 42.395 41.313 40.232 39.151 38.070 36.989 35.908 34.826 33.745 32.664 31.583 30.502 29.421 28.339 27.258 26.177 25.096 24.015 22.934 21.852 20.771 19.690 18.609 17.528 16.447 15.365 14.284 13.203 12.122 11.041

TVC 250 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0

TC 0 12.0 24.0 36.0 48.0 60.0 72.0 84.0 96.0 108.0 120.0 132.0 144.0 156.0 168.0 180.0 192.0 204.0 216.0 228.0 240.0 252.0 264.0 276.0 288.0 300.0 312.0 324.0 336.0 348.0 360.0 372.0 384.0 396.0 408.0 420.0 432.0 444.0 456.0 468.0 480.0 492.0 504.0 516.0

AFC 250 262.0 274.0 286.0 298.0 310.0 322.0 334.0 346.0 358.0 370.0 382.0 394.0 406.0 418.0 430.0 442.0 454.0 466.0 478.0 490.0 502.0 514.0 526.0 538.0 550.0 562.0 574.0 586.0 598.0 610.0 622.0 634.0 646.0 658.0 670.0 682.0 694.0 706.0 718.0 730.0 742.0 754.0 766.0

250.000 125.000 83.333 62.500 50.000 41.667 35.714 31.250 27.778 25.000 22.727 20.833 19.231 17.857 16.667 15.625 14.706 13.889 13.158 12.500 11.905 11.364 10.870 10.417 10.000 9.615 9.259 8.929 8.621 8.333 8.065 7.813 7.576 7.353 7.143 6.944 6.757 6.579 6.410 6.250 6.098 5.952 5.814

44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88

33.205 32.664 32.123 31.583 31.042 30.502 29.961 29.421 28.880 28.339 27.799 27.258 26.718 26.177 25.636 25.096 24.555 24.015 23.474 22.934 22.393 21.852 21.312 20.771 20.231 19.690 19.149 18.609 18.068 17.528 16.987 16.447 15.906 15.365 14.825 14.284 13.744 13.203 12.662 12.122 11.581 11.041 10.500 9.960 9.419

1461.004 1469.883 1477.680 1484.396 1490.031 1494.584 1498.057 1500.448 1501.758 1501.987 1501.135 1499.202 1496.187 1492.092 1486.915 1480.657 1473.317 1464.897 1455.396 1444.813 1433.149 1420.404 1406.578 1391.670 1375.682 1358.612 1340.461 1321.229 1300.916 1279.522 1257.046 1233.489 1208.851 1183.132 1156.332 1128.451 1099.488 1069.444 1038.319 1006.113 972.826 938.458 903.008 866.477 828.865

9.960 8.878 7.797 6.716 5.635 4.554 3.472 2.391 1.310 0.229 -0.852 -1.933 -3.015 -4.096 -5.177 -6.258 -7.339 -8.420 -9.502 -10.583 -11.664 -12.745 -13.826 -14.907 -15.989 -17.070 -18.151 -19.232 -20.313 -21.394 -22.476 -23.557 -24.638 -25.719 -26.800 -27.881 -28.963 -30.044 -31.125 -32.206 -33.287 -34.368 -35.450 -36.531 -37.612

250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0

528.0 540.0 552.0 564.0 576.0 588.0 600.0 612.0 624.0 636.0 648.0 660.0 672.0 684.0 696.0 708.0 720.0 732.0 744.0 756.0 768.0 780.0 792.0 804.0 816.0 828.0 840.0 852.0 864.0 876.0 888.0 900.0 912.0 924.0 936.0 948.0 960.0 972.0 984.0 996.0 1008.0 1020.0 1032.0 1044.0 1056.0

778.0 790.0 802.0 814.0 826.0 838.0 850.0 862.0 874.0 886.0 898.0 910.0 922.0 934.0 946.0 958.0 970.0 982.0 994.0 1006.0 1018.0 1030.0 1042.0 1054.0 1066.0 1078.0 1090.0 1102.0 1114.0 1126.0 1138.0 1150.0 1162.0 1174.0 1186.0 1198.0 1210.0 1222.0 1234.0 1246.0 1258.0 1270.0 1282.0 1294.0 1306.0

5.682 5.556 5.435 5.319 5.208 5.102 5.000 4.902 4.808 4.717 4.630 4.545 4.464 4.386 4.310 4.237 4.167 4.098 4.032 3.968 3.906 3.846 3.788 3.731 3.676 3.623 3.571 3.521 3.472 3.425 3.378 3.333 3.289 3.247 3.205 3.165 3.125 3.086 3.049 3.012 2.976 2.941 2.907 2.874 2.841

89 90 91 92 93 94 95 96 97 98 99 100

8.878 8.338 7.797 7.257 6.716 6.175 5.635 5.094 4.554 4.013 3.472 2.932

790.172 750.398 709.543 667.606 624.588 580.489 535.309 489.048 441.705 393.282 343.777 293.191

-38.693 -39.774 -40.855 -41.937 -43.018 -44.099 -45.180 -46.261 -47.342 -48.424 -49.505 -50.586

250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0 250.0

1068.0 1080.0 1092.0 1104.0 1116.0 1128.0 1140.0 1152.0 1164.0 1176.0 1188.0 1200.0

1318.0 1330.0 1342.0 1354.0 1366.0 1378.0 1390.0 1402.0 1414.0 1426.0 1438.0 1450.0

2.809 2.778 2.747 2.717 2.688 2.660 2.632 2.604 2.577 2.551 2.525 2.500

AVC 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000

ATC 262.000 137.000 95.333 74.500 62.000 53.667 47.714 43.250 39.778 37.000 34.727 32.833 31.231 29.857 28.667 27.625 26.706 25.889 25.158 24.500 23.905 23.364 22.870 22.417 22.000 21.615 21.259 20.929 20.621 20.333 20.065 19.813 19.576 19.353 19.143 18.944 18.757 18.579 18.410 18.250 18.098 17.952 17.814

MC

Profit 12 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000

-250 -205.550 -162.182 -119.894 -78.688 -38.563 0.481 38.444 75.325 111.126 145.845 179.483 212.040 243.516 273.911 303.224 331.456 358.607 384.677 409.666 433.573 456.400 478.145 498.809 518.392 536.894 554.314 570.654 585.912 600.089 613.185 625.200 636.133 645.985 654.757 662.447 669.056 674.583 679.030 682.395 684.679 Income = 425 685.882 Income = 450 686.004 Income = 475 685.045

12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000

17.682 17.556 17.435 17.319 17.208 17.102 17.000 16.902 16.808 16.717 16.630 16.545 16.464 16.386 16.310 16.237 16.167 16.098 16.032 15.968 15.906 15.846 15.788 15.731 15.676 15.623 15.571 15.521 15.472 15.425 15.378 15.333 15.289 15.247 15.205 15.165 15.125 15.086 15.049 15.012 14.976 14.941 14.907 14.874 14.841

12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000

683.004 679.883 675.680 670.396 664.031 656.584 648.057 638.448 627.758 615.987 603.135 589.202 574.187 558.092 540.915 522.657 503.317 482.897 461.396 438.813 415.149 390.404 364.578 337.670 309.682 280.612 250.461 219.229 186.916 153.522 119.046 83.489 46.851 9.132 -29.668 -69.549 -110.512 -152.556 -195.681 -239.887 -285.174 -331.542 -378.992 -427.523 -477.135

12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000 12.000

14.809 14.778 14.747 14.717 14.688 14.660 14.632 14.604 14.577 14.551 14.525 14.500

12.000 -527.828 12.000 -579.602 12.000 -632.457 12.000 -686.394 12.000 -741.412 12.000 -797.511 12.000 -854.691 12.000 -912.952 12.000 -972.295 12.000 -1032.718 12.000 -1094.223 12.000 -1156.809

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