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Using the CES data set, perform a tobit regression of expenditure on your commodity on total household expenditure, and compare the slope coefficient with those obtained in OLS regressions including and excluding observations with 0 expenditure on your commodity.
Consider the following payoff matrix in which the numbers indicate the profit in millions of dollars for a duopoly based either on a high-price or a low-price strategy. Firm A High-price Low-price What will be the result when Firm A chooses a low-..
In a short run, a firm's total costs of producing the hundredth unit of output equals $10,000. If it produces one more unit, its total cost will increase to $10,150. a. What is the marginal cost of the 101st unit of output
On page 46, Dave talks about two kinds of losses from tariffs. To which two areas on the tariff graph do these losses represent?
a.Calculate the marginal revenue product for each add. unit of labor of output sell $3 b. draw the damand curve for labor based on above data and the $3 per unit product price c. wage rate is 15 per hour, how much labor will be hired
The daily production function of a lake is TP=30*F-F^2 (where TP=total daily harvest and F=number of fishermen per day). Suppose each potential sport fisherman on the lake has a daily opportunity cost of $20 and that each fish caught is valued at ..
The table below presents the PPC of Euphoria. Point Computers Food A 0 18 B 120 14 C 200 8 D 240 0 Calculate the opportunity costs of food in terms of computers for all the points in the above table. Does the law of increasing relative cost holds
Construct and show a gross margin budget for the activity. Construct and show a whole farm budget. Advise the farmer on the current and future profitability of the farm and possible options to improve performance.
Consider the market for taxi ridesin a particular metropolitan area. a) Suppose that, when the price permile increases by 40%, total miles demanded falls by 30%. Solve for the price elasticity of demand.
Suppose that the Phillips curve is given by ft-?t^e= 0.1-2ft where ft^e=ft-1 Suppose that inflation in year t-1 is zero. In year t, the authorities decide to keep the unemployment rate at 4% forever. 1. Compute the natural rate of unemployment
A man borrows $250,000 to buy a house at the end of year 0 at a nominal 10% a year compounded quarterly. He arranges to make quarterly payments for 10 years, with the first quarterly payments occurring 6 months after receiving
Suppose a person with an income of $60,000 per year rents 52 movies per year at a price of $1 per movie. When the person's income rises to $65,000, he or she rents 63 movies per year at the same price per movie. What is the implied income elastici..
A small private university is planning to start a volunteer football program. a random sample of alumni is surveyed. it was found that 250 were in favor of this program, 75 were opposed and 25 had no opinion. a. estimate the percent of alumni in fa..
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