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Use Bayes' theorem a second time to update the posterior probabilities that incorporate the 18 Definitely-Purchase responses.
If you wanted to use a probability distribution for the number of machines that break down on a given day, would you use the binomial or Poisson distribution?
Explain in your own words the role that data can play in the development of models of uncertainty in decision analysis.
Julie Myers, a graduating senior in accounting, is preparing for an interview. If Julie Myers has a good interview, what are her chances of receiving an offer?
Why, then, do we make the distinction between continuous and discrete uncertain quantities? What value is there in using continuous uncertain quantities?
If we had an adequate index of societal adventuresomeness, hemline height and stock market activity might well be conditionally independent given the index.
Use a Venn diagram to explain. Why is this result consistent with the second requirement that probabilities add up?
Describe the advantages and disadvantages of a taxable merger as opposed to tax-free exchange. What is the basic determinant of tax status in a merger?
Discuss prime differences between the Ricardian and the Heckscher-Ohlin theory of trade. State their main predictions for the pattern of trade.
If the price of good increase from $3.25 to $4.00, leading to a fall in quantity demanded. What is price elasticity of demand for the good at this price range?
Compute the coefficient of multiple determination and adjusted value. Test significance of individual regression coefficient at the 5% level of significance.
A delivery company is considering adding another vehicle to its delivery fleet all the vehicles of which are rented. What are the MRP and MFC in this situation?
How is the hypothesis relevant to development economics? What is the null hypothesis in table 4 with regards to a specific variable? Explain.
Express the mean growth rate in percentage points at an annual rate. [Hint Multiply the sample mean in (a) by 4001.
Estimate an AR(1) model for ?Yt. What is the estimated AR(1) coefficient? Is the coefficient statistically significantly different from zero?
Under what assumptions will this regression estimate the causal effects of money on nominal GDP?
What is the asymptotic distribution of AnBn? Use this asymptotic distribution to compute an approximated value of Pr(AnBn.
Why are the coefficients of probit and logit models estimated by maximum likelihood instead of OLS?
Estimate the probability of smoking for all workers, workers affected by workplace smoking bans and workers not affected by workplace smoking bans.
How does health insurance status vary with age? Are older workers more likely to have health insurance? Less likely?
How could you deter-mine whether this instrument is relevant? How could you determine whether this instrument is exogenous?
What fraction of the subjects would you expect to trade the good that they were given for the other good?
What is the difference in call-back rates for high-quality versus low-quality resumes? What is the high-quality/low-quality difference for white applicants?
How would such transfers compromise the internal validity of the study? How could you use this information to restore the internal validity of the study?
How would you estimate the treatment effect of the drug? Suppose that you had data on the weight, age, and gen-der of each patient.