3. For the problem let Y, be output by a firm in a oligopolistic competitive sec
ID: 3333852 • Letter: 3
Question
3. For the problem let Y, be output by a firm in a oligopolistic competitive sector (so supply is upward sloping) and X be the profit maximizing price for firm i Observation 13 27 12 a. b. c. Fill out the table above Find and - Present your findings in the form: Yi = Ao + d. Graph the sample regression line (plot (P,X) and on the same plot, draw the original data points as well. On the graph from part d mark the distance between the sample regression line and the observed data points. What do we call this? e.Explanation / Answer
MTB > Regress 'Y' 1 'X';
SUBC> Residuals 'RESI2';
SUBC> Constant;
SUBC> Brief 3.
Regression Analysis: Y versus X
The regression equation is
Y = 1.88 + 0.350 X
Predictor Coef SE Coef T P
Constant 1.878 1.653 1.14 0.459
X 0.35039 0.09547 3.67 0.169
S = 1.75688 R-Sq = 93.1% R-Sq(adj) = 86.2%
Analysis of Variance
Source DF SS MS F P
Regression 1 41.580 41.580 13.47 0.169
Residual Error 1 3.087 3.087
Total 2 44.667
a]
Obs X Y Fit X-bar Y-bar
1 1.0 3.00 2.23 13.6 6.67
2 13.0 5.00 6.43
3 27.0 12.00 11.34
b] bo_hat = 1.88 and b1_hat = 0.350
c] The regression equation is Y_hat = 1.88 + 0.350 X
d]
e]
The distance between sample regression lne and observed data points we call it residuals.
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