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A firm in a competitive market is earning no economic profit in the short run.  What would one expect

7. The adjusted R2 statistic can get smaller if non-significant terms are added to a model.

4. In an unreplicated design the degrees of freedom associated with the ‘pure error’ component of error is zero.

Use the following information to answer Questions 21 – 24. Round all answers to two decimal places.  Question 21: Construct a 95% confidence interval for the regression coefficient for X1. The LCL is ____________ .  

A quadratic term in a model can result in a mound or a bowl in a response surface. 

Construct a 95% prediction interval for a new observation at .  The LPL is _______________.

If the Hanning filter was applied to the time series data in Question 3, the new dataset would have [value1] observations and the value of would be  [value2]. 

The advantage of the REML method is that it provides the standard errors of the variance components so that confidence intervals can be easily obtained. 

The PRESS statistic is a good way to judge the potential predictive capability of a model. 

Consider the time series  = (15,18,10,16,12,10,19,15, 20). Suppose that a moving median of span three is used to smooth the time series.  The first observation in the new smoothed time series is ­­­­____________.