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Suppose you want to estimate the following labor supply equation:
Annual Work Hours = ? + ?*(Average Hourly Wage) + ?
You gather data on US workers aged 22 to 55 from the Current Population Survey. You define the Average Hourly Wage as self-reported total annual labor income divided by self-reported total annual work hours.
a. Describe in words how to interpret the coefficient? (Ignore any concerns about causality now).
b. Give two separate reasons why you might be concerned that ? is not be a good estimate of the causal effect of a change in the hourly wage a worker faces on the number of hours that they work.
Explain, in your own words, what a "store within a store" is. Provide 3 situations where this could work. Explain the logic behind your decisions.
A young physician makes $180,000 per year with an annual salary increase of 2%.
Illustrate what feature of a PPF illustrates increasing opportunity cost also elucidate why does your PPF not have this feature.
Illustrate what are the levels of income every worker and consumption per worker.
From the scenario for Katrina's Candies, determine the relevant costs for the expansion decision, and distinguish between the short run and the long run costs
How would you determine the market structure of the video game industry (i.e., perfect competition, monopolistic competition, oligopoly or monopoly? Your discussion should focus on the key characteristics of market structure and how you might measure..
A company estimates its annual expenses, Y, in dollars from Y = 0.235X^2+7X+4 and annual revenue in dollars from 0.215X ^2+ 16X where X is annual units sold. Find the value of X that gives maximum profit. Round to nearest integer
what is the probability that sample variance would be less than 100? what is the probability that sample variance would be more than 500.
Explain how much would cumulative spending increase as a result. H ow much more did the average household spend on appliances, electronics, and furniture when it received the 2008 tax rebate.
We use a number of contemporary technologies to enhance services that we provide for our customers. One such technology known as ____________ allows us to observationally track products and services in transport.
What happens to hours of work when non-labor income decreases? Does such a non-labor income change generate a substitution effect? Why might we expect welfare programs create work disincentives? What happens to the probability that a particular perso..
Give an example of an organization or business in your area that performs the "place" function, and explain why you picked this organization/business.
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