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Problem:
(a) Why is an error term added to a regression and explain its importance in the OLS procedure?
(b) Suppose we have a linear equation with a constant term, one explanatory variable and an error term, show in details the steps required, using the OLS procedure, to derive the estimates of the constant term and that of the coefficient of the explanatory variable.
(c) Suppose a researcher wants to test whether the returns on a company stock (y) show unit sensitivity to two factors (factor x2 and factor x3) among three considered. The regression is carried out on 144 monthly observations. The regression is: Yt = β1 + β2x2t + β3x3t + β4x4t+ ut
i) What are the restricted and unrestricted regressions?
ii) If the two RSS are 502.4 and 302.8 respectively, perform an F-test of the restriction, showing all the required steps.
(d) How are the t-test and the F-test related and describe in which cases they cannot be applied?
National income: The national income or product or expenditure provides a measure of total value at factor cost of final goods and services, which are available either fo
Suppose that a firm’s production function is given by Q=30L-3L2, where L is labor input and Q is the output. a) Derive and draw the firm’s demand for labor while the firm’s produ
Fixed input and variable input: A fixed input is that input whose quantity cannot be varied in the short-run when demand conditions require an increase or a decrease in produc
What is the theory of second best? Prove the theorem with the help of a diagram
a consumer consumes only two goods x and y is in eqillibrium price of x falls explain the reaction of consumer through utility analysis
(a) Describe the different types of inflation in a country. (b) Describe the trade-off between inflation and unemployment, using appropriate diagrams. (c) Mauritius has bee
Define the Production Possibilities Curve
subsitution effect dominate tha income effect in which good case?
Problem 1: i) Differentiate between the short and the long run. ii) How is production characterised the short run? Explain the fully using numerical and diagrammatic illustr
Document Design It refers to the overall "look" and design rather than the content of a document. Specific elements such as white space, limited paragraph indentations, length
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