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8.12. From the data for 46 states in the United States for 1992, Baltagi obtained the following regression results†:l---og C = 4.30 - 1.34 log P + 0.17 log Y se = (0.91) (0.32) (0.20)where C = cigarette consumption, packs per yearP = real price per packY = real disposable income per capita R¯ 2 = 0.27 a. What is the elasticity of demand for cigarettes with respect to price? Is it statistically signi?cant? If so, is it statistically different from one?
b. What is the income elasticity of demand for cigarettes? Is it statisti- cally signi?cant? If not, what might be the reasons for it?
c. How would you retrieve R2 from the adjusted R2 given above?
For an asset that fits into the MACRS "all property not assigned to another class" designation, what is the book value at the end of year 7 for the asset Assume the asset has a 10-year life of use and that the cost basis for the asset is $10,000.
Describe the steps you would use to undertake White's test for homoscedasticity for first equation and what assumption has been made about the error variance in first equation ?
The following Cobb-Douglas production function is used to describe the output generated by a local government maintenance agency. Q = L1K2E3 Where L represents number of worker hours, K represents number of trucks used, and E represents energy use..
Many retirement funds charge and administrative fee equal to 0.25% on managed assets. Suppose that Alexx and Spenser each invest $5,000 in the same stock this year. Alexx invests directly and earns 5% a year. Spenser uses a retirement fund and ear..
Assume that a monopolist considering to spend 500.000 usd on large campaign to promote the their products.The demand curves are defined by p = 150 - 3q, where q is the output-quantity in 1000-usd. By executing the campaign the firm expects the new de..
First bank has total deposits of $2,000,000 legal reserves of $220,000. a. If the reserve requirement is 10 percent, what is the maximum loan that First bank can make, and what is the maximum increase in the money supply based on First bank's rese..
A friend of yours is considering two cell phone service providers. Provider A charges $120 per month for the service regardless of the number of phone calls made. Provider B doe not have a fixed service fee but instead charges $1
Consider an economy with just one technique available for the production of each good, food and cloth: Good Food Cloth labor per unit output 1 1 a. supposing land is unlimited but labor equals 100, write and sketch the production possibility frontier..
assuming elasticity is linear and a plane flight holds 310 seats a load factor of 70 mean 70% of the seats are filled. a load factor of 72 means 72% of the seats are filled. what price would it take to fill all the seats.
Assume that in a different competitive industry, there are 8 firms, each with a marginal cost equal to MC = 20-10q +q^2 Average cost is minimized at q = 10 and AVC is minimized at q = 8 for each of these firms. Demand for the product is P = 100-QD
The market has changed since your company bought the machine; it now seems possible that it could be sold for as much as $20,000 5 years from now; what is the present value (i=4%) Will this affect the company's taxes
A man wishes to set aside some money for his daughter's college education. His goal is to have a bank savings account containing an amount equivalent to $20,000 in today's dollars at the girl's 18th birthday. The estimated inflation rate is 8%.
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