1. Find the website for the “National Bureau of Economic Research”. Click on “Data” on the LHS (Left-Hand-Side). Then click on “Business Cycle Dates”. a. What were the dates for the monthly Peak and Trough for the 2007-2009 recession? b. From the website data for the post-1945 cycles, was this an average contraction in monthly duration, a shorter-than-average contraction, or a longer-than-average contraction? 2. a. _______ Assume the income-elasticity of demand for a normal product is +3.1, and that you expect the economy to grow by +2.3% next year. By what percentage would you expect the demand for this product to change? Use the proper sign.___________ Using the same estimate of income-elasticity of demand for that normal product, you now expect the economy to decline -1.2% next year. By what percentage would you expect the demand for this product to change? Use the proper sign.b. _______ Assume the income-elasticity of demand for an inferior product is -2.3, and that you expect the economy to grow by +3.5% next year. By what percentage would you expect the demand for this other product to change? Use the proper sign.___________ Using the same estimate of income-elasticity of demand for that inferior product, you now expect the economy to decline -1.5% next year. By what percentage would you expect the demand for this other product to change? Use the proper sign.3 – a. In performing a least-squares regression, what 2 measures of “goodness-of-fit” should you look for? Explainb. List and discuss the three reasons that market experiments are not a good way to estimate a demand curve.c. If you were to design a statistical sample in order to estimate a demand curve, would you conduct a random sample of the general population, a targeted sample, or a randomized-targeted sample? Explain.d. Assume your staff presents you with 2 different regressions of a demand curve for your most important product. One of the regressions has an R-squared of 0.86 and the other has an R-squared of 0.61. Assume that both regressions have a t-value for the coefficient of 1.8. Which would you choose to work with and why?4. – Assume you have measured a price-dependent demand curve as P = 100-0.05Q. What is the Price and Quantity that will maximize Total Revenue? What is that amount of maximum Total Reveune? Please be sure to show your work. Price = _______________; Quantity = _____________; Total Revenue = _________________.
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