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Black or underground or illegal economy: Black or underground or illegal economy has to be conceptualised as an integral and growing part of a variety of economies which emerg
1. Let's get some practice plotting budget constraints. On the graph below, plot the budget constraints when: a. (Use Black): P x = 57,P y = 18, and M = 342. b. (Use Blue):
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Lovers of classical music persuade Congress to impose a price ceiling of $40 per concert ticket.
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
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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 expl
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