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Tennessee just instituted a state lottery. The initial jackpot is $100,000. If the first week yields no winners, the next week's jackpot goes up, depending on the numbers of previous players who placed the lottery bets. The probability of winning is one in a million (1-10 -6). What must the jackpot be before the expected payoff is worth your $1 Bet? Assume that the state takes 60% of the jackpot in taxes, that no one else is a winner, and you are risk-neutral (i.e. you value the lottery at its expected value).
What is the probability that Z is smaller than 1.02? b.) What is the probability that Z is greater than 0.65? c.) What is the probability that Z is between -2 and -0.5? d.) What is the probability that the interval [Z-1, Z+1] contains the value 0?
Suppose you have been employed as an economic analyst, your job is to use the Regression Model to estimate potential sales of your employer's product.
Consider a perfectly competitive market with 10 firms; Firm 1, Firm 2...Firm 10. Firm 1 through Firm 9 have the same cost function given by C(qi)=2q^2, where q is the quantity produced by firm i. Firm 10 has a different cost function C(q10)= 3q^2..
Setup a two-variable regression model (i.e. write down the PRF) to examine the impact of per capita disposable income on real per capita gasoline expenditures.
The United States is currently recovering from its bad recession in over twenty-five years. Applying the resource provided in this and earlier modules of course describe what factors or activities you think helped cause this economic condition.
Refer to Table For a firm operating in a competitive market, the marginal revenue is $0. $7. $14 $21.
The information in the table given below are the results of a random sample of current home sales in your neighborhood that your boss has asked you to use to estimate relationship in selling price of house and number of square feet in it.
Determine what should you do to maximize benefits with respect to values after you acquire a substitute product. Which values should you change more?
Examine and interpret information trends over the most recent 3-year period to evaluate the economy and Canada's current economic status.
Clean Supreme is a corporation that produces and sells powdered laundry detergent in the U.S. The company has estimated the following regression equation for the demand of its Brand Z detergent:
Multicollinearity refers to existence of correlation among the independent variables in a multiple regression model. Explain how multicollinearity can impact your regression analysis.
Calculate the BIC with the command estat ic and what is the difference between the predicted values and actual for the AR(1), AR(2) and AR(3) models.
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