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Consider the following system of simulataneous equation system in “supply and demand form”: y1 = γ1 + α2 y2 + β1z1 + u1 y2 = γ2 + α1 y1 + β2z2 + u2 (i) Is the above system identified? Show this using the order-condition for identification. (ii)If α1 ?=0,α2 ?=0, and α1 ?=α2,find the reduced form for y1 and y2. (iii) Show that the estimated reduced form parameters from (ii) can be used to solve for the parameters in the structural model in part (i). Derive these explicitly. (iv) Is the condition α1 = 0 or α2 = 0 enough to identify the system in (i) if there are NO z variables? Explain. (v) Explain how you would estimate the first equation in part (i).
In 2010, 500 radios were produced and 100 computers were produced. price of radio was 100 and computer was 1,000. In 2015, 550 radios were produced and 900 computers were produced and price of radio was 150 and price of computer was 400 Compute the p..
Assume 3 firms, A,B, and C, compete for market share via quantity competition. Assume all firms have the same constant marginal costs cA = cB = cC = 1 and that market demand is given by D(p) = 101 minus p. Solve for the unique N.E.
If an industrial process emits a pollutant, is it more efficient to monitor the amount of pollutant emitted by each firm and establish a tax per unit of pollutant, or to
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Explain the concept of Pareto Improvements and give examples from purchases you made during the last Christmas/Holiday season. Explain the term Deadweight Loss and cite an example of a market situation that would create such a loss.
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Illustrate what are they, and what impacts do they have on the outcomes of Keynesian countercyclical policies.
Illustrate what do you think would happen to sale and price of DVDs after this.
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If we accept the conclusion that librarians are more vital to the country than professional football players, explain why are librarians so poorly paid in comparison.
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