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In the estimation of demand, the "identification problem" refers to
the problem of selecting the proper level of significance.
the problem of deciding whether to use time series or cross sectional data.
the problem of separating out the effects of price on the quantity demanded when supply cannot be not held constant.
the problem of having insufficient variation in prices.
Describe the following from an economic perspective and give numerical examples:
Illustrate what has occurred to change the demand for, or the supply of, the good or service, and market prices of those products or services.
Prove that a risk-averse von Neumann-Morgenstern perticular will over-insure, fully-insure, or under-insure according as the insurance is available
Elucidate why relatively flat as opposite relatively steep labor demand curves are more consistent.
Show the weekly relationship among output also number of workers for a factory with a fixed size of plant.
imply a lower standard of living in every of the three nations compared to the situation where they are united into a single new country.
Assume the effect on the marginal expenditure curve and compare the pre- and post-minimum wage equilibria.
Elucidate economic influences which can affect the airline industry in a negative way.
Find out the income elasticity of demand. Elucidate whether gas is a normal or inferior product.
Production Possibilities Tables for Germany and Canada (note that we are assuming that opportunity costs remain constant along the production possibilities frontier), and that each country produces only these two products).
Explain the influence that transferable property rights versus non-transferable property rights, has on individual decision making.
The annual demand for coffee by the U.S consumers is Q = 250 - 10P. Compute the lost consumer surplus?
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