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1. Multicollinearity
a. Why is multicollinearity considered a "sample-specidic" problem? Why is the assumption of " ceterius paribus" important to a correctly specified econometric model?
b. Describe two test for multicollinearity? what can you do to address the problem? is it worth fixing? why, why not?
c. You are looking at the output from EViews model and strongly suspect multicollinearity. Describe the evidence based only on the EViews estimation for this equation
d. Describe two ways to eliminate or reduce the effects of multicollinearity?
1. Say that in 1964 a country had a labor force participation rate of 60% and by 2014 it fell to 50%. Also, assume that over this time labor productivity grew by 2% a year. How much did income per person change?
Using supply and demand analysis, show graphically and explain verbally 3 factors that may have led to rising health care costs in the United States from 1960 to the present day.
The Texas Tech alumni association is interested in starting a new scholarship fund for incoming students. Each scholarship will be $500 and they anticipate funding 10 students each year. Assume that the Alumni association can receive a return of 6% (..
EverKleen Pool Services provides weekly swimming pool maintenance in Atlanta. Dozens of firms provide this service. The service is standardized; each company cleans the pool and maintains the proper levels of chemicals in the water. At what output le..
A fixed disk consists of five platters. Both surfaces of each of the five platters is used to record data.
A price discriminating firm has two groups of customers. If the elasticity of demand for group 1 is -2, the elasticity of demand for group 2 is -4, and the price paid by group 1 is $15, the price for group 2 is _____.
Consider the market for leather shoes. If producers believe the price of leather shoes will increasae next month, today
Suppose that Sally’s preferences over baskets containing food (good x), and clothing (good y), are described by the utility function U (x, y) = √x + y. Sally’s corresponding marginal utilities are, 1 MUx=2√x and MUy=1. Find Sally’s food demand functi..
The subway fare in your town has just been increased from a current level of 50 cents to $1.00 per ride. As a result, the transit authority notes a decline in ridership of 30 percent. Compute the price elasticity of demand for subway rides.
ß (beta) in the Phillips Curve equation increases as
What is scarcity? Why is scarcity central to the study of economics? Why does scarcity imply that every society and individual must face trade-offs? What is the difference between efficiency and equity? Why do government policymakers often face a tra..
In a competitive market, suppose that the demand function is QD(P) = 34 - (P=2) and the supply function is QS(P) = 5P -10. I already = them to get a P=$8. If the market price is P=6, then how much is actually bought and sold in the market? Calculate ..
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