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ECN601 WEEK 1 DQ 1& DQ 2 LATEST 2015
The price of gasoline goes up and down quickly, yet consumer demand for gasoline stays relatively steady. Does this mean the demand for gasoline is inelastic, or is something else at work? Explain.
Of the factors listed in the textbook that are related to demand, identify 1 or 2 that were instrumental in your selection of a University in which to enroll for an MBA. Do you think your decision criteria are typical or atypical? Explain.
ECN601 WEEK 2 DQ 1& DQ 2 LATEST 2015
Selecting a complete set of independent variables is always an issue when using regression analysis to estimate demand. For example, analysts often use price and advertising to estimate quantity demanded. However, how do they know that these two variables were sufficient? How do we know that we didn’t omit other variables which would have had a significant impact on demand? How do we know that we didn’t include variables that were not needed? Explain how analysts would answer such questions.
Suppose you want to use regression analysis to estimate the selling price of single family homes in a given neighborhood. You assemble data on selling price, square footage, number of bedrooms, number of bathrooms, age of the house, and lot size. Which variable(s) are dependent? Which are independent? For each independent variable you listed, indicate whether you would expect the sign of that variable to be positive or negative, and why.
ECN601 WEEK 3 DQ 1& DQ 2 LATEST 2015
Chapter 5 opened with a discussion of the fast food industry. Identify how the Law of Diminishing Marginal Returns set in for the production process, and how management responded to this situation.
In the case discussion that opens chapter 6, Steve Jobs indicated that Apple...