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Consider the following simple demand function for money:
Mt = βoYt β1 rt β2 et ut
Where Mt = aggregate real cash balances at time t, Yt = aggregate real national income at time t, rt = long-term interest rate, and et = error term at time t.
Given the following data:
a. What are the real income and interest rate elasticities of real cash balances?
b. Are the preceding elasticities statistically significant individually?
c. Test the overall significance of he estimated regressions.
d. Is the income elasticity of demand for real cash balances significantly different from one?
e. Should the interest rate variable be retained in the model? Why?
Suppose you and your classmate are assigned a project on which you will earn one combined grade. You each wish to receive a good grade, but you also want to avoid hard work.
Assume that the relationship between the growth of a fish population and the population size can be expressed as g = 2P - 0.1P, where g is the growth in tons and P is the size of the population (in thousands of tons).
A null hypothesis is that the average pulse rate of adults is 70. For a sample of 64 adults, the average pulse rate is 71.8. A significance test is done and the p-value is 0.02. What is the most appropriate conclusion based on α of 0.05?
Consider trade relations in the United State and Mexico. Suppose that leaders of two countries believe the payoffs to alternative trade policies are as follows:
Consider the two-period repeated game in which this stage game is played twice and the repeated-game payo s are simply the sum of the payo s in each of the two periods.
In an experimental study of the effects of exercise on stress, participants are randomly assigned to either the no exercise or the exercise conditions. Identify what type of study this is-between-, within-, or matched-participants. In addition, id..
A supplier and a buyer, who are both risk neutral, play the following game, The buyer’s payoff is q^'-s^', and the supplier’s payoff is s^'-C(q^'), where C() is a strictly convex cost function with C(0)=C’(0)=0. These payoffs are commonly known.
Determine the solution to the given advertising decision game between Coke and Pepsi, assuming the companies act independently.
Firm A and Firm B are the only competitors in market. Each has to decide what price to set for its product. Once prices are set, they cannot be changed for year. Both companies set prices at the same time.
For a class activity, your group has been assigned the task of generating a quiz question that requires use of formula for conditional probability to compute P(B/A).
Player 1 has the following set of strategies {A1;A2;A3;A4}; player 2’s set of strategies are {B1;B2;B3;B4}. Use the best-response approach to find all Nash equilibria.
You are given the information that P(A) = 0.30 and P(B) = 0.40 (a) Do you have enough information to compute P(A or B)? Explain. (Events A and B are mutually b) If you know that events A and B are mutually exclusive, do you have enough information..
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