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A simple linear regression, y = β0 + β1X + e, is estimated with cross-sectional data. The resulting residuals e, along with the values of the explanatory variable x, are shown below.
x 1 2 5 7 10 14 15 20 24 30
e -2 1 -3 2 4 -5 -6 8 11 -10
(a) Graph the residuals e against the values of the explanatory variable x and look for any discernible pattern. (b) Which assumption(s) is being violated? Discuss its consequences and suggest a possible remedy. (c) List the three OTHER common violations associated with OLS. Discuss why they might occur, list their consequences, and suggest ways in which they can be corrected.
The AS/AD model is an excellent way to understand how specific policies and actions affect output and prices in an economy. What is the aggregate demand (AD) curve? What are the components of AD? What factors can shift the AD curve?
Insurance agents receive a commission on the policies they sell.
A state highway department is trying to decide whether it should “hot-patch” a short section of an existing county road or resurface it. If the hot-patch method is used, approximately 300 cubic meters of material would be required at a cost of $700 p..
Suppose that 3% of the employed lose their jobs each month and 15% of the unemployed find a job each month, what is the steady-state rate of unemployment?
Today's supply curve for gasoline could shift in response to:
Describe the concept of opportunity cost with example. What would be your opportunity cost of taking on-line classes to get a degree at your University as compared to taking classes at traditional day schools at your University?
Reserve requirement for banks is set at 5%. Your firm withdraws $42,000 on its line of credit at the Security Bank to purchase equipment for expansion. The equipment vendor deposits the amount that he receives from you at his bank, By how much has ea..
The production function is given as f(L, K) = L2 K . In the short run, K is fixed at 1. The price of L is $3 per unit and price of K is $5. In order to produce 100 units as a desired output, how much is the total cost? What is the price elasticity of..
The demand for gasoline is inelastic and the supply of gasoline is elastic.
Suppose both firms have entered industry. What is joint profit-maximizing level of output. How much will each firm produce. How would your answer change if firms have not yet entered industry.
If pasta is an inferior good and if the price of pasta increases, the income effect _____________ the quantity demanded, and the substitution effect ___________ the quantity demanded.
Kelli likes to bake cookies and doesn't care whether she uses corn or safflower oil in her recipes. To her, they provide the same function and the same taste in her cakes and cookies. What do Kelli's indifference curves look like for corn oil and saf..
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