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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 following statement was released through FOMC following recent meeting on March 21. The Group, although hopeful for a future of moderate growth with moderating inflation,
Estimating equation through a correcting factor to correct heteroskedasticity may cause extra correlation to enter the model, which increase the R^2.
Following is a multiple regression in which dependent variable is market value of houses and independent variables are the age of the house and square footage of the house.
A quality control inspector chooses a part to be tested. The part is then declared acceptable, repairable, or scrapped. Then another part is tested.
Suppose you have been recently employed as manager of a restaurant and a very important credit card firm offers you a deal that is supposed to raise your sales.
Wilpen Corporation, a price-setting form, manufactures nearly 80% of all tennis balls purchased in the United States. Wilpen estimates the U.S. demand for its tennis balls by using the linear specifications:
The following table is the pay off matrix for zero sum game. Estimate the each players dominated strategy of the following zero sum game?
How do the government bureaus different from private companies discuss why is there good reason to believe that bureaucrats will seek to supply more than efficient level of their output in any year?
A company experiences rising returns to scale; that is, doubling all its inputs more than doubles its output. What can be inferred about the company's short-run costs?
An analysis of stock market manufactures the following data about the returns of two stocks.
A corporation is interested in knowing which potential sales are next year if you use $20,000 in advertising expenses. The corporation uses the data from previous years to make its sales forecast.
Post-war Recessions in the UK - Identify the periods of recession in the United Kingdom since 1955, stating clearly the criteria that you are using to define recessions.
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