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Consider a simple model to estimate the effect of personal computer (PC) ownership on college grade point average for graduating seniors at a large public university: GPA 5 b0 1 b1PC 1 u, where PC is a binary variable indicating PC ownership.
(i) Why might PC ownership be correlated with u?
(ii) Explain why PC is likely to be related to parents' annual income. Does this mean parental income is a good IV for PC? Why or why not?
(iii) Suppose that, four years ago, the university gave grants to buy computers to roughly one-half of the incoming students, and the students who received grants were randomly chosen. Carefully explain how you would use this information to construct an instrumental variable for PC.
What is the new equilibrium price and what is the new equilibrium quantity, how many bags were oranges being overproduced before?
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what is limit pricing? a suppose your firm produces a product at a constant marginal cost equal to 1. suppose the
What economic principles can be applied to the event or issue and Identify and briefly describe a specific principle that we have covered in one or more of the modules.
Analyze the effects of tariffs and quotas
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wal-mart is the largest corporation in the world. during 2012 it made about 425 billion in sales representing 1.9
An economy is in long-run macroeconomic equilibrium when each of the following aggregate demand shocks occurs. What kind of gap-inflationary or recessionary-will the economy face after the shock, and what type of fiscal policies would help move the e..
A firm in a perfectly competitive market invents a method of production that lowers marginal costs. What happens to output What happens to the price it charges A. The firm has an employee who threatens to tell all other firms in the industry about..
Which of the following is not a component of trend analysis?
Why might some people claim that the breakfast cereal industry is monopolistically competitive but that the automobile industry is an oligopoly? In both cases, about eight to ten firms dominate the industry.
Evaluate the fundamental reasons why price and utilization economic factors in the healthcare setting influence competitive market status in regard to supply and demand for health care services.
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