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1. Consider the simple linear regression model without an intercept, y = ß1x + u, with the assumption E(u|x)=0. Also assume that E(x)=0
a. Show that E(y)=0 and using this as well as E(x)=0 show that the covariance between x and y is given by E(xy) and that the variance of x is given by E(x2 )
b. Using the results in a. and the assumptions above show that E(xu)=0 and hence that ß1 = E(xy) / E(x2 )
c. What is the Least Squares estimate of ß1 (say ß~ ) in this model without an 1 intercept? How does it relate to the population value ß1 ? Do they have to be the same - Why? Why not?
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Ten bidders in an oral auction have the following values for an antique clock ($10, $9, $8, $7, $6, $5, $4, $3, $2, $1). If bidders of the $10 and $9 bids collude and bidders of the $3, $4, and $5 bids collude, what will the winning price be?
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Calculate the market demand. Assume that the market price for the good is $4 due to perfectly elastic industry supply. Using the market demand function, calculate the total consumers surplus. Calculate the total consumers surplus using individual ..
Some have one year of formal training and earn the Refrigeration Mechanic Certificate if they pass the test at the end. Some take a second year of formal training and earn the Refrigeration Mechanic Diploma if they pass the test at the end. Traine..
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Calculate your total tax liability under the 2013 federal income tax structure, assuming your income is $75,000. Assume you are single and using the personal exemption of $3,900 and the standard deduction of $6,100. Calculate your effectiv..
Suppose worker productivity increased at the rate of 1.9% per year. If the labor force grew by 1.5% per year, what rate of increase in RGDP would be sustainable without increasing inflation pressures
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