Identify and discuss at least two economic phenomena for which the linear-in-parameters/linear-in-variables regression model may not be appropriate (besides any mentioned in the text).
Select an economic phenomenon and determine which of the models discussed in this chapter would be most appropriate to apply to the phenomena in question.
Explain your rationale. Based on what you found in the e-Activity, discuss how you could apply the concepts discussed in this chapter to better understand the U.S. economic recession of the late 2000s.