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The file educ.dta in the heteroscedastic data sets folder on the website contains international cross-section data on aggregate expenditure on education, EDUC, gross domestic product, GDP, and population, POP, for a sample of 38 countries in 1997. EDUC and GDP are measured in U.S. $ million and POP is measured in thousands. Download the data set, plot a scatter diagram of EDUC on GDP, and comment on whether the data set appears to be subject to heteroscedasticity. Sort the data set by GDP and perform a Goldfeld-Quandt test for heteroscedasticity, running regressions using the subsamples of 14 countries with the smallest and greatest GDP.
For each of the following utility functions, find the marginal utilities (MUx and MUy) and the marginal rate of substitutional between x and y (MRSxy) and explain whether MRSxy is diminishing or not.
The Federal Reserve has just purchased $100 million in Treasury bills from commercial banks. b. If the public holds a fixed amount of currency (so that all loans create an equal amount of deposits in the banking system), the minimum reserve ratio ..
The Committee will closely monitor incoming information on economic and financial developments in coming months. If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-back..
Used Car Prices an automobiledealer finds that the average price of a previously owned vehicleis $8256. He decides to sell cars that will appeal to the middle60% of the market in terms of price. Find the maximum and minimumprices of the cars the..
Assume that Y = real GDP. Then from the expenditure approach, Y = C I G NX. On p. 306 Exhibit 14.10 of the textbook, all C, I, G, and NX are the non-price determinants of AD. Suppose we use C, I, G, and NX as indicators during business cycles, the..
In the late 2010, you purchased the common stock of a company that has reported significant earnings increases in nearly every quarter since your purchase. The price of the stock increased from $12 a share at the time of the purchase to a current ..
Suppose the federal government needs to balance the budget, which means that when the government spending increases, taxes must increase equally. In this case, government spending multiplier is called the balanced-budget multiplier
a) Find the Marginal Product and use this information to determine where diminishing returns sets in. b) If labor costs $684 per unit, find the Marginal cost at Q = 30, Q= 50 and Q = 69. Round any decimal answers to 1 place. Explain how these answ..
The demand function for VCRs has been estimated to be Q_v=134-1.07P_t+46P_m-2.1P_v-5M , where Q_v is the quantity of VCRs, P_t is the price of a videocassette, P_m is the price of a movie, P_v is the price of a VCR, and M is income.
What will the multiplier be when the MPS is 0.4, 0.6, 1, ½ and 0 How much of a change in theeconomy will result if businesses increase their level of investment by $8 Billion and the MPC in the economy is 4/5 and ifit is 2/3
Major overhaul express of $5000 each are anticipated for a large piece of earthmoving equipment. The expenses will occur at EOY four and will continue every 3 years thereafter up to and including year 13. The interest rate is 12% per year.
Bruno's Lunch Counter is expanding and expects operating cash flows of $26,000 a year for 4 years as a result. This expansion requires $39,000 in new fixed assets. These assets will be worthless at the end of the project.
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