A city planner believes that as people's income rises, they are less likely to travel to work using public transportation or carpools. To see whether this belief is substantiated, the city planner gathers data from the 50 U.S. states on mean household income (in thousands of dollars) as well as the percent of people who take public transportation or carpool to work. The results for this regression are given below.

Which of the following Excel formulas would correctly forecast the dependent variable for a state with a mean household income of $37,000?

Managers at a fast food chain that employs mostly minimum wage workers learn that a new law may increase the minimum wage in the United States by 25 percent. Assuming demand for labor is NOT perfectly elastic, how will this affect the market outcome?

An individual has an extremely rare item and intends to sell it via an English (open outcry) auction. In which situation should the seller forgo the auction and sell the item for a fixed price?

A producer of high-end watches has a willingness to sell of $1,000. After a recession occurs, willingness to pay (WTP) for high-end watches drops to $900. What could the watch producer do to raise WTP for its good? (Select all that apply.)

An earthquake destroys a major manufacturing plant that produces sneakers. The manufacturing plant for rubber, a complementary good to sneakers, is unaffected by the earthquake. What is the result?