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1. What is simultaneous biases? Discuss the cause of ednoginity in regression analysis.
2. Explains concisely what is meant by ' the identification problem'' in the context of liner simultaneous equation model.
3.
4. i) Consider the identifiability of each of the equations in the following model
(use rank and order conditions):
where:
C(consumption), I(investment), T (taxation), Y(income) are endogenous variables; G(government expenditure) is exogenous; U, V and W are random disturbance terms.
ii) What problems arise in the interpretation of the coefficient estimates of equations that are not identified?
(iii) Why do simultaneous equations violate the classical assumption of independence between the error term and the explanatory variables?
(iv) What happens if OLS is used to estimate the coefficients of a simultaneous system?
(vii) What is Two-Stage Least Squares? What are the properties of Two-Stage Least Squares?
Explain the figure of say''s law of market
Please write an essay (2-2.5 pages) based on this paper You">http://www.nobelprize.org/nobel_prizes/economics/laureates/2001/akerlof-lecture.pdf You pick one over 6 macroeconomic
if tc is 200 what will be marginal cost?
Inductive effect
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