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Monte Carlo experiment: Consider the following model:
Yi = β1 + β2 X2i + β3 X3i + ui
You are told that β1 = 262, β2 = -0.006, β3 = -2.4, σ 2 = 42, and ui ∼ N(0, 42). Generate 10 sets of 64 observations on ui from the given normal distribution and use the 64 observations given in Table 6.4, where Y = CM, X2 = PGNP, and X3 = FLR to generate 10 sets of the estimated β coef?- cients (each set will have the three estimated parameters). Take the averages of each of the estimated β coef?cients and relate them to the true val- ues of these coef?cients given above. What overall conclusion do you draw?
you were appointed to manage the production facility of your new factory in saint john. a think tank estimated the
Imports of peanuts into the United States are subject to a quota, set at about 1.7 million pounds per year. a. Illustrate the free-trade equilibrium in the market for peanuts. Then show the quota's effects on domestic consumption, domestic production..
illustrate the market for oranges with a supply and demand diagram. what would happen to equilibrium price and quantity
To increase marginal utility, you should decrease consumption (everything else held constant). This statement is correct, even though it sounds strange. Describe why. What is the purpose of the two fields of study behavioural economics and neuro econ..
Consider a representative agent economy in which agents live for two periods. The agents earn 30 units of commodities when s/he is young and 0 units when s/he is old. There is no production in the economy and the real interest rate is %10 percent.
Allison's Auto Art is a company that applies pinstripes to vehicles. Allison's cost for a basic 1-color pinstriping job is $35, and she charges $95 for this service. For a total price of $175, Allison will apply a fancier 3-color pinstripe applicatio..
What is the profit maximizing rule for firms Explain why it makes sense. For a purely competitive firm, price equals marginal revenue. What is the profit maximizing rule for purely competitive firms Can you see why, if price is set by the market
Did JAL's forward contracts constitute an economic hedge? That is, is it likely that JAL's losses on its forward contracts were offset by currency gains on its operations?
topic monopolistic competition. 1. consider the village of fanjeaux - a beautiful bucolic historic but remote village
Ongoing United States struggles in Iraq and Afghanistan, political unrest in South America, and civil wars in Africa have driven crude oil values up for the last many years.
Now suppose that you face two other bidders and believe that a typical competitor's value for the building lies between $2 million and $3.5 million, with all values in between equally likely. (Again, your value is $2.9 million.) Assuming your two ..
Find Louis' optimal consumption bundle of orange juice and pineapple juice each week. Suppose the price of pineapple juice rises to $2 a cup while the price of orange juice remains constant. How much additional income would Louis need to afford hi..
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