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Examine the Durbin-Watson statistic for the logarithmic demand function that you fitted in Exercise 12.4. Is there evidence of autocorrelation? If so, what are the implications for the statistical tests you performed?
Exercise 12.4
Regress the logarithm of expenditure on your category on LGDPI and the logarithm of the relative price series. Give an economic interpretation of the regression coefficients and perform appropriate statistical tests
Suppose that the Fed has a policy of increasing the money supply when it observes that the economy is in recession.A temporary beneficial supply shock affects most of the economy, but no individual firm is affected sufficiently to change its prices ..
A competitive firm has a production function described as follows. "Weekly output is the square root of the minimum of the number of units of capital and the number of units of labor employed per week." Suppose that in the short run this firm must..
During 2002, the working-age population increased by 353.0 thousand, employment increased by 364.2 thousand, and the labor force increased by 469.5 thousand. Calculate the labor force participation rate for 2002.
A large share of the world supply of diamonds comes from Russia and South Africa. Suppose that the marginal cost of mining diamonds is constant at $ 1,000 per diamond, and the demand for diamonds is described
The government introduces a subsidy s=10 per unit of sugar exported and at the same time it doesn't let any imports in. Calculate the new (i)domestic price, consumption and production, (ii) world price and quantity exported by the country.
Plot these curves and examine the type of scale economies each firm experiences at different output levels.
There are two invididuals. The first (individual A) has the utility function \(u^{a} = x_{1}^{2} + x_{2}^{2}\) , x>=0, and endowment (1,2). The second (individual B) has utility function \(u_{b} = x_{1} + ax_{2}\) , a>0, x>=0, and..
the charm city cereal company makes a cereal from several ingredients. two of the ingredients oats and rice provide
Suppose the cost of producing q cars is given by c(q) = 7500 + 2000q-10q^2 a. What is the variable cost of producing 10 cars b. What is the marginal cost of producing the 10th car
demand and supply schedules for rental apartment in the city of Gotham are given below Monthly Rent $2500 $2000 $1500 $1000 $500 Apartment Demanded 10,000 12,500 15,000 17,500 20,000 Apartment Supplied 15,000 12,500 10,000 7,500 5,000 Suppose a ne..
In what ways does our trade model require further extension?
a country is described by the solow model with a production function y k12 where y is output per worker and k is
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