Tutor profile: James M.
What is a marketing mix?
A marketing mix is a combination of the 4 P's- product, price, place, and promotion, that the firm uses to produce a response from the target market. Product could include packaging, design, variety. Price could include discounts, allowances, payment terms. Promotion could include advertising and promotions. Place could include logistics, location, channels.
Because Country A does not have domestic sources of wood, it imports all of its wood from d-countries that produce wood. If wood were to increase in price in those wood producing countries, what is likely to happen in Country A?
Due to country A relying on wood imports, the prices of homes in Country A will likely increase as the cost of acquiring wood becomes more expensive.
What are the appropriate hypothesis test steps to use when performing a Breusch-Pagan test?
H0: The errors are homoskedastic H1: The errors are heteroskedastic. Identify the alpha, in this case we will use 0.05. Next, you must accept or reject the null hypothesis utilizing the appropriate p value. The last step is to form a conclusion whether there is or is not significant evidence of your errors being homoskedastic (not rejecting the null), or being heteroskedastic (rejecting the null).
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