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Problem 1: When asked to write a regression model, a few past students have written the model as follows:
Explain what is wrong with this formulation.
Problem 2: Consider the regression model: where E is the starting salary (in dollars) of a new employee of a firm and N is the number of years of college attended. There are 50 new employees.
a. What are the intuitive/economic interpretations of β0 and β1 ?
b. What are the properties of the least squares estimators (β0 and β1) ?
c. Suppose E is measured in hundreds of dollars. Describe the effect of this change in units on the estimated regression coefficients and their standard errors, t and F-statistics, p-values, and the value of R2.
An ice cream vendor sells three flavors: chocolate, strawberry, and vanilla. 45% of the sales are chocolate, while 30% are strawberry, with the rest vanilla flavored.
A firm operating a chain of drug stores consider to open a new store in one of locations. The management of firm figures that at the 1st location the store will show an yearly profit of $20,000 if it is successful and an yearly loss of $2,000 if it i..
What is the effect of the age of the house on its price and calculate the goodness of fit of the equation and What is the interpretation of the coefficient on CA?
Determine what is the state of the economy in brazil versus the united states and discuss the GDP of brazil and the united states?
Explain the term demerit goods and give examples of this and what are externalities? What are positive and negative externalities?
Suppose you have been employed as an economic analyst, your job is to use the Regression Model to estimate potential sales of your employer's product.
Find E(Z) (1 dp) 2. Assuming that X and Y are statistically independent find var(Z) (1 dp) 3. Assuming that cov(X,Y) = 2 find var(Z) (1dp)
Lenny's, a national restaurant chain, conducted a study of factors affecting demand. The following variables were defined and examined for a random sample of thirty of its restaurants:
A company experiences rising returns to scale; that is, doubling all its inputs more than doubles its output. What can be inferred about the company's short-run costs?
Based on the information for the U.S. for the period 1970 to 1983, the following regression results were obtained, GNPt = -787.4723 + 8.0863M1t r2 = 0.9912
Run OLS to estimate the inverse demand function(P = f(Q)), determine how much confidence do you have in this estimated equation? Apply algebra to then find the direct demand function
When will America's longest running economic expansion in history come to an end? One way to predict is to look at what happened in the past. The usual causes include:
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