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Explain why correlation does not equal causation. Describe the data characteristics necessary to calculate a Pearson correlation coefficient.
Suppose that Seth's income increases from $400 to $500 per week, causing Seth to increase his purchases of movies from 3 to 4. The income elasticity of movies is:
For each of the linear demand function p = -6q + 540 Calculate the price elasticity and write it only as a function of q, Calculate the marginal revenue, Draw demand and marginal revenue together on 1 graph. Show that the expected relationship betwee..
Many police officer positions require the applicant to have a college degree even though the tasks of a police officer rarely call upon college course material.
Suppose the government increases spending by $100 billion as a stimulus package. If the MPC is .6 the equilibrium income will: Assume that M is $500 billion and V is 5. If there is a 10 percent increase in V, then, according to the monetarist equatio..
Suppose that the equilibrium price in the market for widgets is $5. If a law reduced the maximum legal price for widgets to $4:
Suppose 2 television stations are offered 2 old Hollywood films: Casablanca and Son of Godzilla. The stations' willingness-to-pay for each is as follows: Station A WTP: Casablanca $8,000 Godzilla $2,500 Station B WTP: Casablanca $7,000 Godzilla $3000..
A tax that results in a larger fraction of income being paid in taxes as income rises is a ________ tax.Answer regressive head progressive proportional
Assume that the pessimistic and optimistic estimates in Problem 10-6 have 40% and 20% probabilities, respectively.
In Chapter 4 of The Little Book of Economics, Ip talks about the natural rate of unemployment as the rate of unemployment that will not lead
Suppose the systolic blood pressure of a person is measured 36 times over several days and the standard deviation of these measurements for the person
Which of the following is a rate that should theoretically serve as a floor for the Fed funds rate? A dealer is said to be running a "matched book" if. An increase in the supply of reserves in the banking system leads to an increase in the Fed funds ..
What are the 3 key factors about short-run economic fluctuatuions and how the economy in the short-run differs from the economy in the long-run
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