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The price elasticity of demand for heroin is .27. Suppose that half of the existing heroin users support their habits with property crime. Further, the loss from property crimes committed by heroin users equals half of the total spending (total revenue 'TR') on the drug. Suppose the government pursues an aggressive anit drug campaign that successfully reduces the suppy of heroin, increasing the price by 20%. Fill in the blanks in the following table.
Price Qty of Heroin TR Property Crime
$10 1,000 $10,000 $5,000
$12
In order to ingratiate himself with voters, the mayor of Gotham City decides to lower the price of taxi rides. Assume, for simplicity, that all taxi rides are the same distance and therefore cost the same. The accompanying table shows the demand a..
What is wrong with this specification? Why is least squares unable to estimate the parameters in this model uniquely? What happens when you try to estimate this model using STATA? Verify that the coefficients on education and experience variables f..
The World of Videos operates a retail store that rents movie videos. For each of the last 10 years, World of Videos has consistently earned profits exceeding $37,000 per year. The store is located on prime real estate in a college town. World of V..
Estimate the regression equation of wage on educ. Write down formally the regression equation with standard errors underneath within parenthesis.
A multiple regression analysis based on a information set that consists of thrity observations yielded the following estimated demand equation:
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When will America's longest running economic expansion in history come to an end? One way to predict is to look at what happened in the past. The usual causes include:
Plot the levels and first differences of lnrgdp and lnrstockval and briefly comment on the graphs and obtain and comment on the variance decompositions for 24 periods ahead based on the original ordering of the variables.
Cars arrive at Carla's Muffler shop for repair work at an average of 3 per hour, following an exponential distribution. (a) What is the expected time between arrivals? (b) What is the variance of the time between arrivals?
A company's marketing dept. obtained information from 10 of the firm's outlets. The information consists of the qty. and price of the products sold at each outlet from the distribution center.
Suppose income declines by 2.85%, how much do I have to cut value in order to maintain existing customers and it begins with being given a regression analysis that has the following:
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