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In his classic study Distributed Lags and Investment Analysis (1954), Koyck investigated the relationship between investment in railcars and the volume of freight carried on the U.S. railroads using data for the period 1884-1939. Assuming that the desired stock of railcars in year t depended on the volume of freight in year t-1 and year t-2 and a time trend, and assuming that investment in railcars was subject to a partial adjustment process, he fitted the following regression equation using OLS (standard errors and constant term not reported):
Provide an interpretation of the equation and describe the dynamic process implied by it.
Plot the corresponding supply curve on the same graph using the following MC / supply function Q = -7909.89 + 79.1P with the same prices.
Consider the same two firms as above with marginal costs 10 and 40, facing a demand p = 100 - q. a. Find the market price and quantities produced if firm 1 moved first, followed by firm 2 b. Find the market price and quantities produced if..
Suppose the government imposes the following kind of sales tax: there is no tax for selling the first 35 units, but for selling every uinit beyond the thirty-fifth unit, the seller has to pay the government an additional $12. What is the new optim..
Between October 2004 and 2005, real GDP in the United States increased by 3.6 percent, while nonfarm payroll jobs increased by only 1.4 percent. How is it possible for output to increase without a proportional increase in the number of workers
The golden rule capital per worker k^GR is the level of capital per worker that maximizes consumption per worker at the steady state. Write the expression of the steady state consumption per worker c* as a function of k and derive the golden rule ..
Brandt writes, "Literacy, like land, is a valued commodity in this economy, a key resource in gaining profit and edge" (169). In what ways does literacy relate to the economy
Neglecting inflation, find the balance of this time series at 1981, 1993 and 1999 if the quarterly discrete interest rate is ig=0.06. Also develop a flow chart for a subroutine calculating the balance Bu of a finite time series
Market research has revealed the following information about themarket for chocolate bars: The demand schedule can berepresented by the equation Qd =1,600 - 300P whereQd is the quantity demanded and P is the price.
Assume that a new car hits that market that has been shown to have a lower risk of fatal accident. In particular, 1/5000 cars is expected to result in fatal accident. The risk of fatal accident for the same car without the new safety features is 1..
A city government is considering two types of town dump sanitary systems, as shown below. Select the better system based on BC analysis at 8% social discount rate (same as MARR). Design A Design B Initial investment $400,000 $300,000
Include ample explanation for your rewrite. What words, phrases, line breaks, tone, or figures of speech did you change? And, most importantly, to what effect?
If a firm successfully adopts a product differentiation strategy, what should happen to the elasticity of demand for its product?
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