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what is indirect utility function?
Your firm will produce widgets for the next 10 years (starting at t=1). Annual revenue from selling widgets is $20,000. Production requires an initial outlay (at t=0) for machin
Question 1: a) Explain what is a VAR giving an example both in the form of an equation and matrix. Discuss its benefits and limitations. b) How can we estimate a VAR invol
How to test the linear regression?
A store is known for is bargains. The store has the habit of lowering the price of its bargains each day, to ensure that articles are sold fast. Assume that you spot an item on Wed
Brie?y describe the preference reversal phenomenon, and explain how Grether and Plott's (1979) experimental design deals with anchoring as one of its possible causes. Using a dr
give detail example about them?
The town of Dusty View, Saskatchewan has only two residents - Justin and Sarah - and has a water supply shortage in the summer. The municipal water utility charges a break even pri
Derive marginal benefit of reducing principal balances
A firm's total revenue (TR) is provided by pq, where p is price and q is quantity sold. Assume the firm is initially selling 1000 units of its product at a
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