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Suppose that the "true" model is Yi = β1 + β2 X2i + ut (1)
but we add an "irrelevant" variable X3 to the model (irrelevant in the sense that the true β3 coef?cient attached to the variable X3 is zero) and estimate
Yi = β1 + β2 X2i + β3 X3i + vi (2)
a. Would the R2 and the adjusted R2 for model (2) be larger than that for model (1)?
b. Are the estimates of β1 and β2 obtained from (2) unbiased?
c. Does the inclusion of the "irrelevant" variable X3 affect the variances of βˆ1 and βˆ2 ?
Suppose that oil prices rise sharply for years as a result of a war in the Middle East. Illustrate with a diagram what happens to the: Demand for automobiles? Demand for home insulation? Demand for coal? Demand for tyres? Demand for bicycles?
the buyer values and seller costs for another experiment in which students are buying and selling used textbooks. In this experiment, the seller pays the tax. Suppose that traders who are indifferent between trading and not trading go ahead and trade..
Purdue’s 20 year net Return on the Investment is $591,700 and the total 4 year cost is $91,300. What is the gross return on the investment?
Discuss why a monopolist should lower its quantity relative to the perfectly competitive market to maximize profits. Make sure to elaborate employ examples.
Once completed, you must analyze the findings to determine which strategy aligns best with the owner's goals for succession planning and sustainability, and address the role of innovation in achieving the owner's goals.
Compare the political scientist's view of government and economic policymaking and the Public Choice conception of politicians, bureaucrats and special interest groups in the political process. Which do you consider to be more realistic for underst..
before economic reforms were implemented in the countries of eastern europe regulation held the price of bread
explain why the aggregate supply curve is vertical in a graph with the price level on the vertical axis and real gdp on
how would you convert nominal gdp into real gdp? what benefit would you get from this conversion? also for the list of
Employ the following equation to demonstrate why firm producing at the output level where MR=MC will also be capable to maximize its total profit.
a monopoly faces demand given by q 200 - p. the marginal cost mc 10 is constant. the marginal revenue mr 200 - 2q.a.
1.Identify and discuss three (3) externalities, which can either be positive or negative.
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