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It is often claimed that "di?erencing" the regression model will reduce the degree of autocorrelation. Considerthis claim by using as the model:
yt = xt + ut and ut = ut1 + t
where (t) is white noise with mean zero and variance 2, and || 1. We want to compare the autocorrelation of (ut ) in thismodel with the
autocorrelation of (vt) in the following di?erenced model:
yt yt1 = (xt xt1 ) + vt
where vt = ut ut1. Answer the following:
(a) Show that the autocorrelation of ut, call it u(k), in the original model is k .
(b) Find the autocorrelation of vt at the first lag, i.e., v (1), in the differenced model.
(c) Evaluatethe claim by comparing u(1) and v (1) over the range of f.
Does the firm have constant, increasing, or decreasing returns to scale? Why? If wages are $20,000 per person per operating period and capital units for $3,000 per unit per operating period, calculate the average cost of producing 12,000 units and..
Determine when a competitively produced product generates negative externalities in production, the industry will,
A perfectly competeitive, constant-cost industry has a markey demand curve P=100-(1/5)Y where Y is the aggregate output in the market. Each firm has a U-shaped long-run average cost function with a minimum of $10. The efficient scale of production..
A quality control inspector chooses a part to be tested. The part is then declared acceptable, repairable, or scrapped. Then another part is tested.
Which auction should you choose to maximize your profit? The first-price bidders shade their bids by 20% of their evaluation of its value. The second-price bidders all utilize the optimal strategy for second price auctions stated in the textbook.
A frim determines that X units of its product can be sold daily at P dollars per units per day is C(x) =120-1/2p and where the cost of producing X units per day is C(X)=10+30x A) Assuming that the production capacity is 40 units per day, determine..
Hurricane delayed the cash inflows that the managers of firm Metro expected from a project that being built and increased the cash outflows over the next two years. the NPV of this project is now negative.
Suppose a monopolist faces the following demand curve: P = 596 - 6Q. Marginal cost of production is constant and equal to $20, and there are no fixed costs. a) What is the monopolist's profit-maximizing level of output? MR = (P-MC)*Q MR = (596 - 6Q -..
The "graying of America" will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S. living standards, suppose that over the 49 years following 2009 the share of the p..
The manufacture has determined that men value a simple microwave at $70 and one with auto-defrost at $80 while women value a simple microwave at $80 and one with auto-defrost at $150. If there is an equal number of men and women, what pricing str..
Recall from introductory economics that an raise of $1 in government spending may raise GDP through more than $1. The exact value by which GDP goes up is multiplier.
What is CEO Toback's most pressing concern and how could he go about addressing this concern?2. Do you agree or disagree with the assessment of the concern and the plan to address this concern? Why or why not?
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