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The data in Accident.dta are the weekly automobile accident counts for the years 2006 and 2007 in Havana County. Determine the appropriate ARIMA model, and forecast the accident rate five weeks ahead from the forecast origin t = 85 (make a line plot comparing the data with your forecast). Compare your forecasts with the actual accident rate using the MAPE (Mean absolute percentage error). How accurate are your forecasts? Forecast the accident rate 10 weeks ahead from the 90th week and 1 make a line plot with the data and forecast. Be sure to check for stationarity with the Dicky-Fuller test, include auto-correlation and partial-autocorrelation figures justifying your best guess for the arima model and results from trying out different alternative models. Please explain why you chose your final model for the forecast (discuss the significance of the coefficients and the independence of the residuals).
Homer' s boat manufacturing has a monopoly on boat sales in the region. Homer' s marginal cost of the 8th boat produced is $1200.
Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. Compute the price elasticity of demand between these two points. Compute total revenue at the three meal prices
The movement to free international trade is most likely to generate short-term unemployment in which industries?
Calculate a marginal cost as well as an average cost schedule for the firm.
Joe won $365,000 a year for life in the state lottery. Use the labor-leisure choice analysis to answer the following. show how Joe's lottery winnings affect the position of his budget line. Joe's utility function for goods per day (Y) and hours of le..
A researcher estimated that the price elasticity of demand for automobiles in the United States is -1.2, while the income elasticity of demand is 3.0. Next year, U.S. if sales of domestically produced automobiles do expect U.S auto makers to sell nex..
A study found that lower airfares led some people to substitute flying for driving to their vacation destinations. This reduced the demand for car travel and led to reduced traffic fatalities, since air travel is safer per passenger mile than car tra..
Create a PowerPoint presentation addressing the following three questions for each of the three eras of social welfare history you chose. Groups: Who are the groups needing services and what are their needs for each of the three time periods you have..
The Fair Labor Standards Act, enacted in 1938, requires that firms pay "double time", which is 200% of the regular wage rate, for overtime work. This question asks you to consider some of the incentive effects of overtime pay. When faced with the bud..
If we open up the market to free trade so that the world price dominates, what will be the quantity imported? Suppose the government placed a tariff of $10 per unit imported on this good. How much revenue would they raise?
Compare and contrast the effects of a quota and a tariff on imports. Be sure to include both short-run and long-run effects in your answer. Differentiate between the current account balance and the capital account balance.
Two individuals, Andy and Beth, work on a joint project. If Andy chooses effort level x ≥ 0 and Beth chooses effort level y ≥ 0, then the total output equals 10x+10y+2xy. Maximize each player’s payoff function to find his or her best response functio..
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