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The first regression shows the result of regressing LGFDHO, the logarithm of annual household expenditure on food eaten at home, on LGEXP, the logarithm of total annual household expenditure, and LGSIZE, the logarithm of the number of persons in the household, using a sample of 868 households in the 1995 Consumer Expenditure Survey. In the second regression, LGFDHOPC, the logarithm of food expenditure per capita (FDHO/SIZE), is regressed on LGEXPPC, the logarithm of total expenditure per capita (EXP/SIZE). In the third regression LGFDHOPC is regressed on LGEXPPC and LGSIZE.
1. Explain why the second model is a restricted version of the first, stating the restriction.
2. Perform an F test of the restriction.
3. Perform a t test of the restriction.
4. Summarize your conclusions from the analysis of the regression results.
If the network has no hidden layer, show that the model is equivalent to the multinomial logistic model described in Chapter 4.
What is total financial wealth in the economy? (Hint: Compute the financial wealth of people at the beginning of the first period of life, the beginning of the second period, and the beginning of the third period. Add the three numbers. Remember t..
An amount, P, must be invested not to allow withdrawals of $1,000 per year for the next 15 years and to permit $300 to be withdrawn starting at the end of year 6 and continuing over the remainder of the 15-year period as the $300 increases by 6% p..
Use the midpoint formula to compute the price elasticity of supply for copper. (Related to Application 4 on page 529.)
Suppose that the political conflicts between the U.S. and oil exporting countries caused the oil exporting countries to institute an oil embargo against the U.S. Then the U.S. government started considering imposing a tax on gasoline
Perform a common factor test. If the AR(1) model is rejected, and there are terms with insignificant coefficients in the second regression, investigate the consequences of dropping them.
What are the best and worst possible scenarios you could envision when every individual in the military uses their own critical thinking skills to arrive at a decision?
Discuss informally how the analysis and the results would be modified if new products were produced using a combination of labor and capital.
You wish to predict the sale price of single-family residences in Massachusetts using property features (commonly called a "hedonic pricing model"). How would you categorize, or label, this dataset? Defend your answer
What product will Home export, and which product does Foreign export? Briefly explain why.
What will happen to the price of the bond that pays $3 per year (Suppose that interest rates are 6% in the economy and a safe bond promises to pay $3 per year in interest forever. What do you think the price of the bond will be Why
Suppose you are hired by your state government to determine the profitability of a lottery offering a grand prize of $10 million paid out in equal annual installments over 20 years. Show how to calculate the cost to the state of paying out such pr..
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