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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.
Motivate your answer by referring to the BHP Billiton's contract with Eskom.
A depository institution holds $150 million in Required Reserve and $10 million in Excess Reserves. Its remaining assets include $440 million in Loans and $150 million in Securities. If the institution's only liabilities are transaction deposits, ..
What did it cost her? She says it costs $20,000 forty years ago. With these givens, advise her on her asking price.
Develop an estimate for the cost of washing and drying a 12-pound load of laundry. Remember to consider all the costs. Your time is worth nothing unless you have an opportunity to use it for making, or saving money on other activities.
Find the new equilibrium interest rate (r). Graph the answers to b) and e) above and briefly explain the graph. Be sure to label the axes , curves, equilibrium interest rates, equilibrium levels of private investment, and national savings.
Assume a monopolist with the following demand and cost relationships. Q = 400 - 20p TC = 10 + 5q + q2 Calculate the following: Profit max price Profit max quantity TR, TC, Profit, and the elasticity at profit max q and p.
Should Airway Express continue to provide the flight between Los Angeles and New York at all. If Airway Express decides not to fly, it still has to pay the fixed costs of $3,000 per day. The evening with the return flight the next afternoon is cou..
Wildcat Co. has to decide whether or not to drill an oil well. It has $100 current income. Drilling would cost $100; if oil were struck, the company would receive $200 for the oil. If the field is dry, nothing is recovered.
Mark McGwire hit 70 home runs while playing for the St. Louis Cardinals. In 1999, McGwire hit 65 home runs. This decrease in marginal(home runs per season) product led to an associated decrease in McGwire's average(home runs per season) product.
How do you calculate price elasticity of demand If 50 Units of a good are demanded at a price of $1 per unit. A reduction in price to $0.20 results in an increase in quantity demand to 70 Units. Show that these data yield a price elastity of $0.2..
Using data from 1988 for houses sold in Andover, Massachusetts, from Kiel and McClain (1995), the following equation relates housing price (price) to the distance from a recently built garbage incinerator (dist): fitted log(price) = 9.40 + 0.312 l..
How much of each good will he demand in this case? (The price of x1 is 3$ but his income has decreased)D) Calculate utilities obtained by bundles without tax and with income tax. Draw Jack's best bundles in a graph. (Budget curves, best bundles an..
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