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Using the data on food in the Demand Functions data set, the following regressions were run, each with the logarithm of food as the dependent variable: (1) an OLS regression on a time trend T defined to be 1 in 1959, 2 in 1960, etc.; (2) an AR(1) regression using the same specification; and (3) an OLS regression on T and the logarithm of food lagged one time period, with the results shown in the table (standard errors in parentheses):
Discuss why each regression specification appears to be unsatisfactory. Explain why it was not possible to perform a common factor test.
You have 8 midgets (M) and 12 dwarves (D). The price of midgets is $10 each, and the price of dwarves is $11 each. If your utility function for midgets and dwarves is given by U(M,D)=.5M + .6D, what will your optimal consumption of MIDGETS be.
Estimate the equation using weighted least squares (WLS). Use the WLS estimates to determine whether avgsen and tottime are jointly significant at the 5% level
Firm 1 and 2 produce differentiated products. If firm 1 sets price at p1 and firm 2 sets its price at p2, then firm 1 sells Q1(p1,p2) units of output and firm 2 sells Q2(p1,p2) units, where Q1(p1,p2) = 6 - 2p1 + p2
Montana is home to a number of firms offering wilderness hunting experiences to wealthy city dwellers. However, the profits of such firms depend on how crowded the "wilderness" is and how many deer are available.
a construction company is considering procuring one of two types of heavy construction equipment a and b. each type of
What Gimbo most enjoys for dinner is eating fig leafs (F) and to accompany his meal with nothing better than an Arak (A) drink on the rocks. His utility function is represented by this equation : U=33(F)(A^2). Gimbo has $100 to spend on dinner dur..
The only difference is that now when two agents agree on (50, 50), each gets 20 as a bonus. What are the Pareto optimal allocations. (An allocation specifies how much each agent ultimately gets.) What the bonus associated with (50, 50) is 60 each.
management at the macho burrito hacienda has completed a study of weekly demand for its
Andre walks Julia's dog once a day for $50 per week. Julia values this service at $60 per week, while the op-portunity cost of Andre's time is $30 per week. The government places a tax of $35 per week on dog walkers. After the tax, what is total s..
For what values of a is he risk averse, risk neutral, and risk loving? From now on, assume that a = 1/2. Johnny owns a house that would cost $100,000 to replace should it ever be destroyed by fire.
Solve Tracy's problem of how often to go to the ATM when the nominal interest rate on her bank account is 10 percent, she spends $30 each day, it costs her $.50 each time she uses the ATM, and she thinks that there is a 15 percent chance.
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
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