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1. Identify the feature of panel data that offers an advantage over cross sectional data and explain how the analyst can exploit that advantage. 2. Briefly distinguish between correlation and causation. Use an example to support your answer. 3. Define independence between two random variables. If X and Y are independent, then Cov(X,Y) = 0. Why is the converse false? Support your answer by providing a counterexample to the converse. 4. What does the acronym "iid" mean and how does it relate to sampling? Why is it critically important to an econometric analysis to convincingly demonstrate the random nature of the data used? 5. Correlation overcomes a fundamental limitation of covariance and conditional expectation overcomes a fundamental limitation of correlation. Identify these limitations. 6. Distinguish between an estimator and an estimate. Identify three desirable properties of estimators. 7. Interpret the following statement: A recent poll indicates that popular support for the mayor is 47.5% with a margin of error of +/- 3.5 percentage points 19 times out of 20.
Antitrust authorities at the Federal Trade Commission are reviewing your company's recent merger with a rival firm. The FTC is concerned that the merger of the two rival firms in the same market will increase market power.
A producer of synthetic motor oil for automobiles and light trucks has made the following statement: "One quart of Dynolube added to your next oil change will increase fuel mileage by one percent.
A study of costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded the following long-run cost function: 16AVC = 1.24 + .0033Q + .0000029Q2 - .000046QZ - .026Z + .00018Z2
how does model analysis compare to cost benefit analysis regarding transportation planning? what political elements are
Are there any current subsidy or welfare issues that are being duscussed or addressed in parliament?
In theory, we know that a monopolist basis its price directly off of the demand curve, but in practice a monopolist cannot 'see' the demand curve. Explain how a monopolist might set prices, even without having explicit knowledge of the shape of th..
How might one define a composite commodity for ground transportation?
Derive the mathematical expressions and determine the level of output where the average cost function reaches a minimum (the firmís capacity).
Provide reasons for believing in the accuracy or inaccuracy of sensory information and discuss the roles of "nature" and "nurture" with regard to the interpretation and evaluation of sensory data.
Use an indifference curve-budget line analysis to depict the situations, prior to the ban on smoking, of a student who smoked on campus, and of a student who did not smoke.
Calculate John's maximum daily profit and what is John's supply curve? Mathematically represent and then explain.
Sal Pizza Shop has a unique recipe for pizza, and currently its optimal price is $20 per pizza at a quantity of 200 pizzas per week. Its marginal cost is $12 per pizza when it produces fewer than 180 pizzas per week. The marginal cost is $15 per pizz..
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