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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.
Perceived Value Pricing This refers to a pricing strategy that dictates that the price of a given item will be set based on the customer's perception of the value of that item
composite supply v/s joint supply
What are the basis for International Trade?
Economies of Scope The ability of a organization to decrease its unit costs by producing two or more products or services that involve complementary skills, experience and
what do you understand by production posibility curve?
could a nations production possibilities curve ever shift inward
what is economic model and role of assumptions in it.
1. Explain how the aggregate supply curve for the entire economy can be derived under; i. Classical assumption ii. Keynesian assumption 2. Explain how equilibrium can be a
calculate demand function is Q=100-P, where Q is quantity demand and P is price
WORLD BANK: The World Bank group is a partner in opening markets and strengthening economies. Its goal is to improve the quality of life and expand prosperity for people every
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