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Formulate an empirical economics question that you or a potential employer is interested in answering. Outline the six steps that you would take to provide an answer to this empirical question. In answering this question, consider the following:
a. Why is the empirical economics question important and to whom? How might the results be useful?
b. What is your economic model; what is the basis for your economic model?
c. What is your econometric model, including a discussion of functional form.
d. What are the hypotheses in terms of the parameters?
e. What are probable sources of data? Do you foresee difficulties in collecting data? Are the data you collect cross-sectional or another type?
f. What might go wrong in answering your empirical economics question?
Describe the role and function of the International Labour Organization (ILO) Administrative Tribunal. Use the CSU Online Library and other sources to research articles concerning this organization. What makes this organization so important to emp..
Points that lie outside the production possibilities curve are ______, and points that lie inside the production possibilities curve are ______.
The National Safety Council (NSC) estimates that off-the-job accidents cost U.S. businesses almost $200 billion annually in lost productivity (National Safety Council, March 2006). Based on NSC estimates, companies with 50 employees are expected to a..
Which of the following statements regarding a monopolist is false? The marginal revenue curve lies below the demand curve for the monopolist's output. Unlike a perfectly competitive firm, a monopolist faces little or no competition. The monopolist se..
Show how the lottery winning affect your budget line. After winning the lottery you continue to work the same amount of hours every day. What is the income effect of the lottery gain? Now your employer increases your hourly wage. Using the income eff..
Estimate aggregate consumer and producer surplus before quota. Estimate new consumer and producer surplus after quota.
What is the equilibrium level of national product? What is the government's budget surplus?
If average movie ticket prices rise by about 5 percent and attendance falls by about 2 percent, other things being equal, the elasticity of demand for movie tickets is about:
Plaintiff shipped to Defendant—Pizza Pride Inc. of Jamestown, North Carolina—an order of mozzarella cheese totaling $11,000. Plaintiff, a manufacturer of men’s clothing in Los Angeles, contracted to sell a variety of clothing items to Defendant, Harr..
Illustrate what was the cost of recalls per year before the software was purchased if the company did exactlyy recover its investment in 4 years from the 10% reduction.
For each firm within an industry, T = X(X - 1)2 + 25X; where T is the long-run cost of the firm, and X is the firm's level of output. For the industry as a whole, Y = 34 - p; where Y is total consumer demand for the industry's product, and p is the p..
Describe one weakness and one strength of the gold standard. Do you agree with Milton Friedman that any system of pegged exchange rates is not a satisfactory system for countries with independent political systems; or do you agree with Ronald McKinno..
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