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1) The file Corruption.xls contains country-level data on two variables. One of these is a measure of perceptions of political corruption.
a) Before looking at any data, propose a simple economic story (model) for how these two variables might be related. Write a paragraph of no less than 50 words in which you explain your argument. Which is the independent, and which is the dependent variable in your model?
b) Whichever way you've chosen to model this problem, execute a linear regression. For one time in your life, you are going to be calculating the slope and intercept estimators in EXCEL
c) What percentage of the variation of your dependent variable is explained by the independent?
d) Also "by hand," calculate the variance of ^β1. Next, calculate the test statistic and p-value for a hypothesis test that the population slope is zero. (The p-value is going to be extremely small and not be on any t-table. Figure out how you can use Excel to calculate it.
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Derive the average cost of producing 100,000, 200,000, 300,000, and 400,000 devices per year with plant A. (For outputs exceeding the capacity of a single plant, assume that more than one plant of this type is built.)
MICROECONOMICS
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A lawyer who drives a beat-up car and wears frumpy dresses may have a hard time getting customers. Potential clients may conclude from his appearance that he is poor, and if he is poor, he probably is not very good.
Suppose you are an Executive Chef at a private hotel on the beach in Florida, with sixty rooms; a banquet facility serving up to 175; a coffee bar in lounge, which also provide complimentary cold breakfast;
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You have been appointed economic advisor to Exam land. The mpc is 0.6; investment is $1000; government spending is $8000; consumption is $10000;
Apply the substitution and income effects to the purchase of meat given the lower price. How is this related to the law of demand? Hint: use chicken as a substitute good in your discussion.
How much substitutability do you suppose exists between inputs in winemaking? How might this factor affect efforts to cut costs?
Why does a business need to understand elasticity of demand and calculate the elasticity of demand between prices $6 to $8
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