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Questions and Answers
What is the purpose of regression analysis in economics and business?
What is the purpose of regression analysis in economics and business?
- To analyze market trends
- To estimate cost functions (correct)
- To forecast demand
- To calculate profits
What is the cost functional form that is being estimated in the given example?
What is the cost functional form that is being estimated in the given example?
- TC(Q) = βo - β1Q
- TC(Q) = βo / β1Q
- TC(Q) = βo + β1Q (correct)
- TC(Q) = βo * β1Q
What method is used to develop an estimated regression equation in the given example?
What method is used to develop an estimated regression equation in the given example?
- Simple linear regression
- Multiple regression
- Logistic regression
- Ordinary least squares (OLS) (correct)
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