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Run a regression of testscr on str and avginc, where testscr and str are as above, and avginc is a measure of the average household in come in the school district.
a. What is the correlation between str and avginc. Does this correlation suggest the model specification suffers from serious multicolinearity?
b. What is the estimated effect of str on testscr?
c. Now create a scatterplot of testscr on avginc, and use OLS to fit a straight line to the data. Do you think this simple regression equation suffers from specification bias? If so, how?
d. What is the probability that all the population slope coefficients are actually zero, but the coefficients we estimated are different from zero due merely to random sampling variability? In other words, what is the probability that the R2 is actually zero? Explain how one conducts an F test to test such a hypothesis.
Defines the price of the imported good as the foreign market price before it is loaded into the ship, train, or plane for shipment to the importing country.
Given the following payoff matrix, (a) What is the best (optimal) strategy for each firm? (b) Would firm A using the low price as a threat if firm B enters? (c) What could firm A do to make its threat credible without building excess capacity
Which were the main causes of the Great Depression and why did the Great Depression last so long?
Honda uses flexible plans in the manufacturing of its cars. Discuss whether this method of production results in optimum output.
Do you think the overall level of R&D would increase or reduce over the next 20 to 30 years if lengths of new patents were extended from 20 years to, say "forever"?
Suppose that you are a government official in charge of your country's fiscal policy. The country maintains a flexible exchange rate system. You are asked by your country's citizens to use fiscal policy alone to expand the country's..
Mr. Smith is president of a firm that is the industry price leader; that is, it sets the price and other firms sell all they want at that price. The other firms act as perfect competitors.
A firm sells specialized electronic computers. Each of the computers has a unique chip produced at a California plant at cost of Cw(Qc)=Q^2 c
Consider the utility function \(U(x,y) = y\sqrt{x}\) a)Does the consumer believe that more is better for each good? b)Do the consumer's preferences exhibit a diminishing marginal utility of x? Is the marginal utility of y diminishing?
The population proportion of economists predicting growth of at least 2.5% in real gross domestic product. The variance of the sample proportion of economists predicting growth of at least 2.5% in real gross domestic production.
Intermediate microeconomics- Find the production possibilities frontier for the Rancher. Define marginal rate of transformation. What is the marginal rate of transformation of meat for potatoes for the rancher?
What are the marginal rates of substitution for each person and what is the formula for the contract curve and draw an Edgeworth box, labeling carefully, and indicate the contract curve.
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