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8.12. From the data for 46 states in the United States for 1992, Baltagi obtained the following regression results†:l---og C = 4.30 - 1.34 log P + 0.17 log Y se = (0.91) (0.32) (0.20)where C = cigarette consumption, packs per yearP = real price per packY = real disposable income per capita R¯ 2 = 0.27 a. What is the elasticity of demand for cigarettes with respect to price? Is it statistically signi?cant? If so, is it statistically different from one?
b. What is the income elasticity of demand for cigarettes? Is it statisti- cally signi?cant? If not, what might be the reasons for it?
c. How would you retrieve R2 from the adjusted R2 given above?
according to the cruise ship examplea what are the real and what are the nominal objectives goals of macroeconomic
questions are even asking. Would you be able to explain what they are asking as well as provide me with a solution I'm more interested in LEARNING this than just getting the answer, so I really need help with the explanation of how you come up wit..
A small business owner who owns/operates a snow removal company is planning to diversify and begin installing in-ground swimming pools to enhance his income for the next two years. He forecasts that he and his employees will be able to install16 i..
The market for carrots is comprised of two segments: fresh market carrots, which have excellent, uniform color and a small core, and processing carrots, which are larger than fresh market carrots but still have good flavor
You are the manager of a firm that sells a "commodity" in a market that resembles perfect competition, and your cost function is C(Q) = Q + 2Q^2. Unfortunately, due to production lags, you must make your output decision prior to knowing for certai..
Consider a railroad is next to a farm.Each time the train passes by the farm,sparks from the train fly into the farm and destroy some of the crop.The following gives the marginal cost of the train that pass the farm on one month.
If half the banks in the nation borrow additional reserves totaling $10 million at the Fed discount window, and at the same time the other half of the banks reduce their excess reserves by a total of $10 million, what is likely to happen to the mo..
As a budding entrepreneur, you have purchased a small bakery. After some market research, you have estimated that your customers' willingness to pay for a donut/coffee combo falls into 9 categories ($2.75, $2.50, $2.25, $2.00, $1.75, $1.50, $1.25,..
Suppose the U.S. has 1200 hours of labor. It can produce two goods: passenger cars and personal computers. The unit labor requirement in the production of passenger cars is 1.5 hours and in the production of personal computers is 1 hour.
wedding plan with cake (c) and champagne (h) - price per glass and slice u(h,c) = h^(1/3)c a) solve foc's to derive the demand functions h(P(subscript h), P(subscript c), M) and c(P(subscript h), P(subscript c), M)
suppose that the interest rate on a one year bond is 7 percent today and the interest rates expected on one year bonds in the future are 6 percents in one year, 5 percent in 2-year , and 4 percent in three years bond. what are interest rate today ..
Using cash flow analysis, determine in which currency Microsoft should invest. Be sure to show your complete calculations of the annual return and conversion of Euro back to dollars at the end of the three-year term. Assume that the annual interes..
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