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Consider the regression model yi = β1 + β2x2i + β3x3i + ei where 4:3,. is endogenous and 71:2, is exogenous. Two potential instruments, zi , and are available.
Open this data set in Gretl and estimate the model using the 2SLS approach and both instruments.
In order to get full marks for this question, you will need to estimate the first stage regression and the second stage regression separately using the OLS procedure.
(a) Enter the estimate of the intercept term of the first stage regression in the box below (rounded to 3 decimal places).
(b) Enter the 25LS estimate of t3L in the box below (rounded to 3 decimal places).
(c) Doyou think the instruments are weak or strong?
Suppose the demand for a product is given by P = 30 - 2Q. Also, the supply is given by P = 5 + 3Q. A) What is the equilibrium price and quantity of the product B) What is the price elasticity of demand at the equilibrium price
She has three credit cards with the following loan balances and APRs: Card 1, $4,500, 21%; Card 2, $5,700, 24%; and Card 3, $3,200, 18%. Interest compounds monthly on all loan balances. A credit card loan consolidation company has captured Mary's ..
Suppose nominal GDP in 2005 was $14 trillion, and in 2006 it was $15 trillion. The general price index in 2005 was 100, and in 2006 it was 103. Between 2005 and 2006, real GDP rose by what percent
An auction with positiveexternalities. Suppose that there is a single object to be allocated among 3 individuals. Each individual i has a willingness to pay vi for the object. Individuals 1 and 2 have a zero value when she does not getthe object.
When average consumer income increases from $40,000 to $44,000 in Mapleville, the quantity demanded of widgets went from 10 to 9 units per capita, even though the price of widgets and other products did not change.
Indiadesh is a country that produces two goods, textiles and computers. Last year, Indiadesh produced 500 textiles and 1300 computers. This year it produced 450 textiles and 1100 computers. Given no further information.
What is Harry's price elasticity of demand for good x, denoted "x;px ? From Harry's perspective, is x ordinary, Gien, or neither? What is Harry's income elasticity of demand for good x, denoted "x;I? From Harry's perspective, is x normal, inferior, ..
A delivery truck costs $30,000 and has a salvage value of $5,500 after 6 years. Maintenance and operating costs are $8,500 for the first year and are expected to increase at 6% per year. What is the equivalent annual cost of owning and operating t..
The owner of a manufacture business is losing profit due to a slow economy and is debating on closing the manufacture down until the economy gets better. Decide to close the manufacture based on the information
There is a belief that a person's performance on the GMAT (entrance exam to get into graduate school) can be predicted by their undergraduate GPA. Based on regression analysis what are the following values, (Round to three decimal places; put it ..
The given information is the quarterly sales of gasoline in the U.S. in millions of barrels during part of the 1980s and the 1990s. Determine the linear trend and use it to forecast sales for first quarter of 1992.
The firms and workers in Alpha form expectations adaptively. The firms and workers in Omega form expectations rationally. Their otherwise identical economies are initially in equilibrium at the natural level of output with 10 percent inflation.
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