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Concepts
Interpret the regression equation that you calculated in the prior section. What is the meaning of y = 6.80+0.62x?
Many people have expressed concern that more and more of our food is grown on massive, factory-style corporate farms and that U.S. agricultural subsidies are contributing to this trend.
Suppose that I had data on farm subsidies and farm size. I regress farm size (measured by gross sales in dollars) on subsidy payments received in the calendar year. I find that a farm with 10 cents more in subsidies has on average 4 cents more in sales.
a) State carefully the ceteris paribus assumption in this case. Do you think this simple regression of Y on X satisfies that assumption? Why or why not? What are some of the other factors that explain our incomes, and do you think these might vary as parental income varies across different families? Explain.
b) Pick one of the "other factors" mentioned in (a). Let's call it x2. Suppose you augmented the simple regression with x2. How do you think this would affect the estimate of the coefficient on farm subsidies received (β1)?
c) Imagine an experiment where a randomly selected group of farms are given a 10% increase in subsidy. In this case, would it matter whether x2 was included in the regression? Explain.
The office-cleaning market is perfectly competitive. Consider a typical off-cleaning firm that currently faces $24 in fixed costs and an $8 hourly wage for workers. The price the firm gets for each office cleaned is $56 at the present market price.
Suppose a competitive firm can sell its output for $9 per unit. The following table gives the firm's short run production function. Labor Output 0 0 1 8 2 20 3 35 4 44 5 51 6 54 In the table below, you will determine several points on the firm's d..
Suppose that the inverse demand for shale gas is given by p = 400 - 2q. The private marginal cost of producing shale gas is PMC = 100 + q. Suppose that in order to produce shale gas at the PMC given above, the oil and gas (O&G) companies (that pro..
Atlantic Metals and Plastic uses austenitic nickel-chromium alloys to manufacture resistance heating wire. The company is considering a new annealing-drawing process to reduce costs.
Suppose a monopolist can purchase Labor at a price w = 27 and can purchase Capital at a price r = 3. The monopolist's production function is given by Q = L1/2K1/2. The demand facing the monopolist is given by P = 402 - 6Q.
Automotive Rebuilders, Inc., is considering a new automated assembly line to automate assembly of rebuilt alternators. The new line can be installed for $525,000 today and will have a life of 9 years until technological obsolescence.
Dx = Px-2 I1.5 PY1.5. From the information above, what are the values of price elasticity Income elasticity How much will D change if Px is cut by 5% and income rises by 10%
1-Concisely explain the economic role of brokers, dealers, investment bankers and the role of the New York Stock Exchange specialist 2-If a bond dealer bought a $100,000 municipal bond at 92% of par and sold it at 96% of par, how much money did th..
This question considers a closed economy Keynesian model that is augmented to include transfers payments to consumers (Tr = Transfers) that increase consumers' disposable incomes and lower government savings. a) Suppose you had the following compo..
Suppose that there are two countries, X and Y, that differ in both their rates of investment and their population growth rates. In country X, investment is 20% of GDP, and the population grows at 0% per year. In country Y, investment is 5% of GDP,..
You work on a doughnut farm--you grow doughnuts. In each period, you are able to grow 20 doughnuts. If you go to the coffee & doughnut exchange, you may buy and sell doughnuts for $1 each, and buy and sell coffee for $2 each.
The historical average had been 6 to 8 percent. Many recent graduates were taking jobs outside law at much lower wages than were typically paid to beginning lawyers. Based on this information, what would be your prediction about lawyers' salaries f..
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