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1) The file Corruption.xls contains country-level data on two variables. One of these is a measure of perceptions of political corruption.
a) Before looking at any data, propose a simple economic story (model) for how these two variables might be related. Write a paragraph of no less than 50 words in which you explain your argument. Which is the independent, and which is the dependent variable in your model?
b) Whichever way you've chosen to model this problem, execute a linear regression. For one time in your life, you are going to be calculating the slope and intercept estimators in EXCEL
c) What percentage of the variation of your dependent variable is explained by the independent?
d) Also "by hand," calculate the variance of ^β1. Next, calculate the test statistic and p-value for a hypothesis test that the population slope is zero. (The p-value is going to be extremely small and not be on any t-table. Figure out how you can use Excel to calculate it.
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To maintain utility constant an income adjustment brought the student to consume the basket (61,92). What are substitution effects and the income ?
Assume that the demand and supply curves for eggs for the United States are given through the following equations:
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Explain how this tax or subsidy would achieve the socially efficient level of output. Among the various interested parties - the monopoly firm, the monopoly's consumers, and other taxpayers - who would support the policy and who would oppose it?
Assume total benefits and total costs are given through B(Y) = 100Y-8Y(squared) and C(Y)=10Y(squared). Determine the maximum level of net benefits?
Using the marginal approach to maximise profits, find the price that monopolist would charge to maximise its profit. What is the level of profit maximising output?
Consider a firm which employs capital and labor as inputs and sells 5,000 units of output per year at the going market price of $10. As well suppose that total labor costs to the firm are $45,000 annually.
Provide the Gilbert's choices of both Bordeaux and yogurt under the following circumstances (Consider each separately):
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