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Question 1: What is autocorrelation? What are the consequences of pure autocorrelation for multiple regression models estimated by OLS? Use an example to illustrate your answer.
Question 2: Describe the steps involved in obtaining a Durbin Watson test statistic for the detection of autocorrelation by hand from a time series OLS regression model. What conditions need to be met in order to perform the test? How do we determine and use the critical values in deciding whether signi?cant autocorrelation is present? Use an example to illustrate your answer.
When the shops nearby start to advertise their jackets, this Tommy Hilfiger shop spends $2,000 a day advertising its jackets, and its profit-maximizing output jumps to 50 jackets a day.
Your final option is to achieve your inflation target using interest rate policy. Using the Fisher equation, compute the current nominal interest rate in your country. What nominal interest rate will allow you to achieve the inflation target?
Calculate the 99 percent confidence interval for β2 in the earnings function example (b2 = 1.073, s.e.(b2) = 0.132), and explain why it includes some values not included in the 95 percent confidence interval calculated in the previous section.
Suppose the market for wine in New York is perfectly competitive both before and after the Supreme Court decision. Use the analysis in Section 9.7 to evaluate the effect of the Court's decision on the price of wine in New York.
find the price that will induce consumers to buy that quantity.
Jane receives utility from days spent traveling domestically (d) and days spend traveling in foreign countries (f). Her utility function is U(d, f) = 10df. She has $4000 per year to spend on travel. It costs $100 to spend a day traveling domestical..
One of their new MBA financial wizards has estimated the following relationship for gold sales in the past year of trading (250 observations): Q = 4,000 - 0.01P + 1.5I - 1.25X + 2.0S R2 = .96 (857) (0.002) (0.65) (0.44) (0.48) where Q = daily sale..
Seth could consume $120 next year if he saved all his current earnings. He expects to earn nothing next year. The intertemporal budget constraint for Seth is given by the equation C2 = 120 - 1.2C1 where C1 = possible consumption in year 1 and C2 =..
The cup is placed over the pill and as the cup is pressed down, the pill is split into pieces which are contained inside the cup. Because the cup is above the pill, persons can see how the pill is cut and keep the pieces contained.
Your company has purchased a large ne truck for over thr road use(asset class 0.26).it has s cost basis of $180,000.With additional options costing $15,000,the cost basis for depreciation purposes is $195,000.its ,MV at th end if five years is est..
a. Jack consumes two goods: food and leisure. He works for 8 hours per day and earns a wage of $8 dollars per hour. His rich uncles also give him around $20 per day. Illustrate Jack's choice of work and leisure using an indifference curve and a b..
To estimate the partial effect of X2 on y while X3 is kept constant, we need to estimate a regression model like y = β1+β2x2+β3x3+u
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