Build-Right Concrete Products produces specialty cement used in construction of highways.Build-Right is a price-setting firm and estimates the demand for its cement by the State Highway Department using a demand function in the nonlinear form: $Q = a P ^ { b } M ^ { c } P _ { R } ^ { d }$ where Q = yards of cement demanded monthly,P = the price of Build-Right's cement per yard,M = state tax revenues per capita,and $P _ { R }$ = the price of asphalt per yard.The manager at Build-Right transforms the nonlinear relation into a linear relation for estimation.The estimation results are presented below: Given the above,at the 1 percent level of significance,the number of degrees of freedom for a t-test is _____,and the critical value of the t-statistic is ________.Only parameter estimate(s)________ is (are)NOT statistically significant at the 1 percent level of significance.
A)30; 2.457; $\hat { a }$
B)30; 2.750; $\hat { a }$
C)34; 2.042; $\hat {C}$
D)34; 2.042, $\hat { a }$ and $\hat {C}$

Question

Build-Right Concrete Products produces specialty cement used in construction of highways.Build-Right is a price-setting firm and estimates the demand for its cement by the State Highway Department using a demand function in the nonlinear form: $Q = a P ^ { b } M ^ { c } P _ { R } ^ { d }$ where Q = yards of cement demanded monthly,P = the price of Build-Right's cement per yard,M = state tax revenues per capita,and $P _ { R }$ = the price of asphalt per yard.The manager at Build-Right transforms the nonlinear relation into a linear relation for estimation.The estimation results are presented below:  Given the above,at the 1 percent level of significance,the number of degrees of freedom for a t-test is _____,and the critical value of the t-statistic is ________.Only parameter estimate(s)________ is (are)NOT statistically significant at the 1 percent level of significance.
A)30; 2.457; $\hat { a }$ 
B)30; 2.750; $\hat { a }$ 
C)34; 2.042; $\hat {C}$ 
D)34; 2.042, $\hat { a }$ and $\hat {C}$

Quizplus · Accepted Answer

The Answer of Build-Right Concrete Products produces specialty cement used in construction of highways.Build-Right is a price-setting firm and estimates the demand for its cement by the State Highway Department using a demand function in the nonlinear form: $Q = a P ^ { b } M ^ { c } P _ { R } ^ { d }$ where Q = yards of cement demanded monthly,P = the price of Build-Right's cement per yard,M = state tax revenues per capita,and $P _ { R }$ = the price of asphalt per yard.The manager at Build-Right transforms the nonlinear relation into a linear relation for estimation.The estimation results are presented below:  Given the above,at the 1 percent level of significance,the number of degrees of freedom for a t-test is _____,and the critical value of the t-statistic is ________.Only parameter estimate(s)________ is (are)NOT statistically significant at the 1 percent level of significance.
A)30; 2.457; $\hat { a }$ 
B)30; 2.750; $\hat { a }$ 
C)34; 2.042; $\hat {C}$ 
D)34; 2.042, $\hat { a }$ and $\hat {C}$

Build-Right Concrete Products Produces Specialty Cement Used in Construction of Highways.Build-Right