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Consider the regression model yi = β1 + β2x2i + β3x3i + ei is known that X2i: is exogenous. It is suspected that :r may be endogenous. Data on another variable ; is available. It is known that zt; is correlated with X3i, and is uncorreleated with Using data from this file, test the null hypothesis that x3i is exogenous using a 1% significance level.
To get full marks for this question, you will need to construct a t-statistic from an auxiliary regression that you estimate by OLS, and be able to use Gretl to automatically generate a x2 statistic as part of an estimation routine.
(a) Enter the t-statistic that you calculated 'manually for the test in the box below (rounded to 3 decimal places).
(b) Enter the x2 statistic that Gretl generates for this test in the box below (rounded to 3 decimal places).
(c) Using the 'statistic, do you have evidence that X2, is endogenous?
A mortgage company lends the Miller family $100,000 to buy a house worth $105,000. During the next year, there is deflation and all prices, including house prices, unexpectedly fall by 10%. 1. After the first year, who is better off
The demand for an oligopoly is P=75-2Q. The firms have cost functions TC1 = 3q1+q TC2 = 18q2+q2² a. Determine the profit-maximizing output under collusion. b. Calculate the equilibrium price under collusion. c. Determine if the firms should collude .
Suppose that the current market price of VCRs is $300, that average consumer disposable income is $30,000, and that the price of DVD players (a substitute for VCRs) is $500. Under these conditions annual U.S. demand for VCRs is 5 million per year.
Using the regression results and other computations from Assignment 1, determine the market structure in which the low-calorie food company now operates.
Consider the following classical inventory problem. A retailer must decide the quantity Q to order periodically to minimize expected annual cost. The retailer faces demand of D units per year and every order that is placed incurs an order processi..
The widget Industry in Anytown is a monopoly, controlled by Widget Corp. Its demand curve for the local market is given by P = 800 - 20 W Where W represents the number of widgets sold per period. The total cost function (including opportunity or impl..
Suppose there is a risky stock which returns $4 with probability 0.5 and 0 with probability 0.5 for every dollar invested. Suppose for every dollar, I invest a share x in A and (1-x) in risk free government bonds.
Consider a two consumer exchange economy. Consumer 1 and consumer 2 have utility functions given by:u2=xy These consumers are initially endowed with: Compute each consumers demand functions for goods x and y.
You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below. Workers Cost Output Revenue 1 $300 50 $350 2 600 140 675 3 900 ..
John receives utility from consuming X and Y as given by the utility function U(X,Y) = XY. The price of X is $9, and the price of Y is $12. a. What is John's MRS (marginal rate of substitution) b. What is the optimal mix (ratio) between X and Y in ..
Suppose that a security costs $3,000 today and pays off some amount b in one year. Suppose that b is uncertain according to the following table of probabilities: b: $3,000 $3,300 $3,600 $3,900 $4,200 Probability: 0.1 0.2 0.3 0.2 0.2
A researcher sureys a group of working married women and reports the following results for the first four surveyed: Person % of contribution to household income % contribution to housework x Zx Y Zy C1 601.34 70-1.15 F3 30 -1.34 100 1.61
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