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A firm manufactures and sells a product that has the following demand function: Q = 180 - 4P where P is price, Q is quantity. It also faces the following total cost (TC) function:
TC =0.033Q2 + 15Q+150 where Q is quantity produced. (i) Determine the firm's profit function.
(ii) Using your profit function measured in part (i) find the level of output where the firm maximises its profit.
Consider a linear model to explain pricing of houses: Price = ß0 + ß1lotsize + ß2sqrft + ß3bdrms + u (1) E(u| lotsize, sqrft, bdrms)=0 Var (u| lotsize, sqrft, bdrms)=s2 lotsize4
Following the general methodology used by econometricians as explained in the session for week 1 (eight steps), explain how you would proceed to determine if a good complies with t
HOW TO USE CORRELATION OF THE OFF DIAGONAL ELEMENTS OF THE COVARIANCE MATRIX TO DETECT MULTICOLINEARLITY
explain the concept of cochrane-orcutt procedure
what are the uses of correlation in economics?
What trends do you see in the Economic, Political, and Cultural environment of society that will affect the industry in the future? Answer) The trends that will affect the indus
Calculate the incremental profit Electron Control would earn by customizing its instruments and marketing directly to end users.
A firm has the certain total revenue (TR) function: TR=(4Q+2) e 4Q where Q is Quantity Find the firm's marginal revenue function.
Discuss the descriptive statistics of total government expenditures and per capita government expenditures. Plot their histograms and comment.
(a) Describe all tests that you need to undertake prior to working with time series data. (b) Consider the following regression result: Standard Errors: (6.7525)
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