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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.
Let {(y i * ; x i ); 1 ≤ i ≤ n} be an i.i.d sequence of random variables where y i * and x i satisfy the linear relationship y i * = β 0 + β 1 x i + ∈ i with Cov(x i ; ∈
Price Elasticity A measure of the change in demand for a product relative to unit changes in the price of the product. If the percentage change in quantity demanded is greater
Balance of payments account: The foreign exchange market is an organizational setting within which individuals, business firms, banks etc buy and sell foreign currency. It has
2ALBr3+3K2so4--->6KBr+1Al2(so4)3
write down the assumotions and importance of game theory
Q. What is working of world Bank? An international financial organization formed after World War II and based in Washington D.C. Its supposed purpose is to promote economic dev
.
A Period of Transition and Improvement: These few years stand out as the golden years for India's BOP. India had a small current account surplus (0.6 per cent of the GDP on an
Why concept of Elasticity is important in economics? Elasticity is very important concept in economics because it affects the decision of individuals as well as of the whole e
Cost Functions for the Electric Power Sector Scale Economies in the Electric Power Industry Average Cost of Production in Electric Power Industry * Findings -
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