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Consider the following system of simulataneous equation system in “supply and demand form”: y1 = γ1 + α2 y2 + β1z1 + u1 y2 = γ2 + α1 y1 + β2z2 + u2 (i) Is the above system identified? Show this using the order-condition for identification. (ii)If α1 ?=0,α2 ?=0, and α1 ?=α2,find the reduced form for y1 and y2. (iii) Show that the estimated reduced form parameters from (ii) can be used to solve for the parameters in the structural model in part (i). Derive these explicitly. (iv) Is the condition α1 = 0 or α2 = 0 enough to identify the system in (i) if there are NO z variables? Explain. (v) Explain how you would estimate the first equation in part (i).
suppose nominal GDP in 2012 was $100 billion and in 2014 it was $220 billion. The general price index in 2012 was 100, and in 2014 it was 140. Between 2012 and 2014, the real GDP rose by what percent? What is the size of the labor force in the United..
The concept of LEAN was originally started and apply with Toyota, however, many automotive manufacturing companies today use this theory. Resources are limited and need to be utilized in the most efficient way as even the most marginal difference can..
Mini-Fit Solutions is a manufacturer of miniature valves and fittings. Over an 8 year period the costs associated with a certain product line were as follows: What was the company’s Internal Rate of Return (IRR) for the product over this study period..
Examine the effects of supply and demand of milk. How do markets operate to bring this product into existence? Think about how these different markets work together to create a new product. How does that relationship affect supply and demand for the ..
The number of strikes in the economy will be lower in years having:
Define and explain ‘Law of Diminishing Returns with the help of diagram. What are the different stages of production in the short run? Define and explain ‘Price Discrimination (PD)’ with the help of diagram. Also give examples of Price Discrimination..
How low much a quota be to have an impact on trade? Using a demand -and -supply diagram, illustrate and explain the net welfare loss from imposing such a quota. Under what circumstances would the net welfare loss from an import quota exceed the net w..
Tim is offered two gambles. With gamble A, he either gains $2 or loses $1 with a 50 percent probability. With gamble B, he either gains $3 or loses $2 with a 50 percent probability. Tim prefers gamble B to gamble A. What can we conclude?
Here is what I’d like you to do, first, describe what quantitative easing entails and then give your opinion on its success or failure. Second, I’d like you to explain what negative interest rates entail and why this policy is being discussed serious..
Based on the current state of the economy, recommend whether the Federal Open Market Committee (FOMC) should rise, lower, or keep short-term interest rates (the federal funds rate) the same. Support your recommendations with your research findings.
If a monopolist produces clear spring water at zero total cost, its total revenue will be maximized where,
Suppose that a computer software company controls the operating system market. Although the government knows that the price is higher than it would be in the presence of competition, Which of the following policy options might most effectively enable..
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