Define the Econometric Methods
Define the Econometric Methods.
Expert
Econometrics:
It is the combination of ‘econo’ and ‘metrics’ that means measurement of economic variables. It combines the economic theory, mathematical model and statistical tools building to analyse economic relations. This predicts the future activity upon past economic activity using statistical and mathematical techniques
a) Econometrics methods are more reliable.
b) This is possible to compare forecasts along with actual results. It can modify to enhance future forecasts.
c) Econometrics methods indicate direction and magnitude both of change in the variables.
d) Econometrics methods have the capability to describe economic phenomena.
Profit-maximizing firms which operate in competitive resource and output markets adjust labor inputs till the wage rate equals the: (1) average revenue from output. (2) output price equals average variable cost. (3) marginal utility o
When Chandra and Morgan are identically skilled and every can decide the number of hours she works as: (w) the elasticity of Morgan’s labor supply exceeds the elasticity of supply for Chandra’s labor at each possible quantity of labor. (x) Morgan’s i
Explain the way of Price Elasticity of Demand.
Illustrates the Expert Opinion method of Demand Forecasting?
Define the consumer psychology and pricing and affecting elements.
Illustrates the pricing policy and practices?
Explain the infinitely elastic demand.
When an economic alteration makes one person better off whereas no one else is affected, then this is: (w) efficient to make the change. (x) traumatic to make the change. (y) neither good nor bad for society. (z) strictly a positive value judgment to
Refer to below figure. Assume that the firm is currently producing Q2units. What occurs if this expands output to Q3units: w) Its profit raises by the size of the vertical distance df. x) this makes less profit. y) this incurs a loss. z) this wil
If this firm maximizes profit, this will be producing under circumstances of: (1) increasing returns to labor. (2) economies of scale. (3) diminishing returns to labor. (4) constant returns to labor. (5) adverse selection and moral hazard. Discover Q & A Leading Solution Library Avail More Than 1418171 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1927057 Asked 3,689 Active Tutors 1418171 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
18,76,764
1927057 Asked
3,689
Active Tutors
1418171
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!