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A water expert was asked whether increased water consumption in a California community was lowering its water table. To answer this question, the expert estimated a linear regression equation of the form W = a + bt, where W = height of the water table and t = time measured from the start of the study period. (He used 10 years of water-table measurements.) The estimate for b was b = -.4 with a t-value of -1.4.
a. From this evidence, would you conclude that the water table was falling?
b. A second expert suggests yearly rainfall also may affect the water table. The first expert agrees but argues that total rainfall fluctuates randomly from year to year. Rainy years would cancel out dry years and would not affect the results of the regression. Do you agree?
Beer and pizza are compliments because they are often enjoyed together. When the price of beer rises, what happens to the supply, demand, quantity supplies, quantity demanded, and the price in the market for pizza.
Identify the fallacy in the following discussion: "The effect of an excise tax on a commodity might seem at 1st sight to increase the value that buyer pay.
b. What is the Economic profit or loss you are making? c. What output level is the minimum point for Average Total Costs (ATC)? d. What output level, Q, and price/trip, P, will economic profits be zero? Note
Determine what is the cumulative change in concentration of iodide ion at each of these four times?
Suppose a company is producing 1000 units of bottled power drink priced at $5. It is using a manufacturing process with a fixed cost of $1450 and a variable cost of $2.75 per unit (AVC).
How legalizing marijuana will stimulate the American economy.
Given Y*=5000 and Y=5300. 1.) Compute the output gap for this economy. 2) Is the economy experiencing a recessionary or an expansion arty gap? Why?
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Using the four scenarios referred to in this chapter; choose periods when each scenario has occurred in the U.S. or other countries:
17. assume a certain firm in a competitive market is producing q 1000 units of output. at q 1000 the firms marginal
Catfish farming in Louisiana is a perfect competition market. Hence, customers of catfish are getting their catfish at the minimum cost per unit of manufacturing catfish, and they are very happy.
suppose the economy were very strong and unemployment very low. wages after inflation rise for most americans by about
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