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Question 1:
(a) Using examples, explain the difference between time-series, cross-sectional, and panel data.
(b) Formulate a simple linear equation, and carefully explain the following terms:
(i) Explanatory variable (ii) Dependent variable (iii) R-square (iv) P-value
(c) Briefly explain the assumptions underlying the Classical Regression Model.
Question 2:
(a) Explain the term heteroscedasticity, emphasising on the problems that it represents for Ordinary Least Square (OLS) estimation techniques.
(b) Explain how the Generalised Least Square (GLS) can be used to correct for the problem of heteroscedasticity.
The following are AC and TC functions for various firms (i). AC = 140/Q + 20 (ii) AC - a/Q = k (iii) TC - 10 =2Q + 0.1Q 2 (iv) TC - k - βQ = cQ 2 Where a, k, β and
Marginal Product (MP) of a Factor: From the above mentioned production function, immediately we can study the effect on total output when there is a variation in labour utlili
Q. What is Monetarism? Monetarism:Monetarism was a right-wing economic theory (associated with work of Milton Friedman, in particular) which believed that inflation could be co
Consider what would happen if a taxes of 10000$ was imposed on imported automobiles on dealers.Using a demand and supply diagram, show its impact of price and quantity. Suppose the
If at point A sacks of rice is 205 and sacks of corn is 0. What is the decrease in rice production?
current rate of gdp
Assume that the U.S. Department of Agriculture (USDA) administers the price floor for cheese, set at $0.17 per pound of cheese. (The price floor is formally set at $16.10 per hundr
1. What is a resource market? 2. Describe resource demand and resource supply. 3. Define derived demand. 4. Describe the resource market demand and supply curve. 5. Define a te
Once countries already have a high level of production, how might they achieve living standards growth? Once countries achieve a high level of production, they might be achiev
1. Mrs Munyarryun, 67 years, has been retired from her work for two years. She rings for advice about urinary incontinence, a problem she has experienced over the last 6 months. Wh
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