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If not, is there a way to compare the benefits of these projects using the concept of compensating variation?
Suppose the price of a music download falls from $2 to $1. Using the method described, calculate the change in Albert's consumer surplus.
How much revenue will the government raise by taxing Beatriz? How does that revenue compare to her economic losses?
Create a Laspeyres price index using June as the base period (that is, use Arnold's consumption bundle for June to create the fixed weights).
How many hours will she work if she earns $20 per hour? Find a formula for her labor supply curve. Is it upward or downward sloping? Why?
How would you measure consumer surplus if the demand curve is upward sloping? Warning: this is a trick question.
What is the efficient method of production for Dewey, Cheetham, and Howe? Graph its production possibilities set. What is its production function?
The number of pounds of coffee they pack depends on the number of workers they hire. Graph Pete and Mary's production function.
Emily draws cartoons that she sells to her classmates. What is her marginal product of labor at one, two, three, and four hours of work?
Its marginal product of labor is MPL = 3L2- 400L + 10,000. At what amount of labor input are the firm's average and marginal product of labor equal?
In general, the variance of the distribution of an estimator decreases when the sample size. Is it correct to describe the estimator as becoming more efficient?
A random variable X is defined to be the difference between higher value and the lower value when two dice are thrown. Find the probability distribution for X.
Perform a logarithmic regression of expenditure on your category of consumer expenditure on income and price using an AR(1) estimation technique.
Perform a logarithmic regression of expenditure on your commodity on income. Compare the coefficients and standard errors of the two regressions and comment.
Why does an inspection of the residuals corroborate the presence (or absence) of autocorrelation indicated by the Durbin-Watson statistic?
Fit the logarithmic form of your demand function for your category of expenditure for the periods 1959-1990. Perform the Chow test of predictive failure.
How would you test Kalecki's assertion concerning the coefficients of wage and nonwage income, if you had access to Brown's data set?
Compare the regression results, paying attention to the changes in the regression coefficients and their standard errors.
Provide an interpretation of the regression coefficients, perform appropriate statistical tests, and compare regression results with tho of the same regression.
Give an economic interpretation of the regression coefficients and perform appropriate statistical tests.
Using the CES data set, perform a tobit regression of expenditure on your commodity on total household expenditure.
Perform a Durbin-Wu-Hausman test to evaluate whether ASVABC appears to be subject to measurement error.
What would be the value of the multiplier derived from a naïve regression of consumption on income, and what would be the true value?
Calculate the F statistic using R2 and perform a test of the explanatory power of the equation as a whole.