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An MBA student has proposed the following demand equation for good Y. QdY = a + b PY + c M where: QdY = quantity demanded of good Y in millions of tons per year PY = Price of good Y in dollars per ton M = Average consumer income in thousands of dollars The regression output from the computer is as follows: Dependent Variable: QdY R-Square F-ratio p-value on F Observations: 90 .4 12.84 0.015 Variable Parameter Estimate Standard Error T-ratio P-Value Intercept 60.00 5468.32 3.12 0.0082 PY -1.00 0.65 -1.27 0.2145 M 0.02 3.29 5.12 0.0121 This economist is confortable using parameter estimates that are statistically significant at the 10 percent level or better. iv. What fraction of the total variation in the quantity demanded of good Y remains unexplained? What can the student do to increase the explanatory power of his demand equation? What other variables might he add to his demand equation?
Two firms are playing an infinitely repeated Bertrand game, each with the same marginal cost 20. The market demand function is given by P=150-Q. The firm who charges the lower price wins the whole market. Describe the trigger strategy that can be use..
The European Union has heavily protected its farm sector through import duties; in addition, the Union subsidizes its exports of agricultural products. If “cropland” is regarded as a factor of production and is included in the Leontief statistic (alo..
China has continued to lag well behind the rest of the world in information technologies
A public relations firm is retained to 'cover the media' for a client. There is something peculiar about to being paid to chat with other people. When the p.r. Firm doubles its capital it quadruples its workforce. It's production function is given by..
Consider the following potential events that might have taken place at Global Conglomerate on December 27, 2012. For each one, indicate which line items in Global's balance sheet would be affected and by how much. Also indicate the change to Global's..
What policy towards the automakers should we pursue? Should government leaders have provided outright grants to struggling automakers; what about more loans or loan guarantees? Concentrate on using your managerial economics knowledge, tools, and conc..
George, who owns and runs Tots Poses, expects to encounter an average of eight customers per day, each with a reservation price shown in following table. What are total revenues, average revenues and marginal revenues
Many industrialized countries such as the United States attempt to seriously restrict immigration of production workers, but are more open to immigrants who are highly-skilled. Why might this be the case? Why is this a problem for developing countrie..
When the central banks of various countries intervene in the foreign exchange market to maintain an exchange rate, this type of exchange rate system is called a ________ exchange rate system. Borrowing from abroad represents:
Illustrate what role did the policies of various governments play in influencing the international expansion strategies of both McDonalds's also Wal-Mart.
In a system in which there is an administered exchange rate, what is the term used when the government sets the rate higher to buy fewer units of foreign currency?
Describe the Taylor rule. If the Fed were following the rule, what would the nominal Fed funds rate be if inflation over the past year were 4% and output were 1% below its full-employment level?
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