--%>
Assignment Help - homework help

Define the Econometric Methods

Define the Econometric Methods.

E

Expert

Verified

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.

   Related Questions in Managerial Economics

  • Q : Illustrates the important areas of

    Illustrates the important areas of managerial economics as a tool for decision making?

    		•
  • Q : Costs and revenue verses Quality

    Refer to figure as in above. What occurs when the firm produces more than Q4 units: w) Its profit raises. x) this makes a loss. y) Its total revenue is increasing quicker than its whole cost. z) this could make a profit or a loss depending upon what occurs

    		•
  • Q : Purely competitive labor market is

    When this purely competitive labor market is firstly in equilibrium at D0L, S0L, a move to equilibrium at D1L, S0L would be inconsistent along with increases in: (w) the price of output. (x) labor productivi

    		•
  • Q : Explain the meaning of business cost

    Explain the meaning of business cost.

    		•
  • Q : Pay the lowest wages in market

    Occupations along with the highest percentage of women workers tend to: (1) pay the highest wages. (2) need relatively more human capital and experience. (3) pay the lowest wages. (4) require very small human capital or experience.

  • Q : Illustrates the Scope of Managerial

    Illustrates the Scope of Managerial /Business Economics?

    		•
  • Q : Illustrates the term long run

    Illustrates the term long run production function?

    		•
  • Q : Decline in equilibrium marginal revenue

    Declines within the equilibrium marginal revenue product of a firm’s workers are probably to follow the adjustments to: (1) increases in specific training. (2) decreases in the wage rate. (3) increases in the demand for output. (4) hikes in the

    		•
  • Q : Wage Rates and Employment An increase

    An increase in the competitively-set wage tends to cause: (w) firms to reduce the amounts of labor hired. (x) increases in the marginal revenue products of the workers a firm retains. (y) higher marginal factor costs of labor to competitive firms. (z)

    		•
  • Q : States the term fixed cost in briefly

    States the term fixed cost in briefly.

    		•