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Describe an example of a network externality. (The textbook describes several examples; try to think of a different one from those presented in the book.)
Draw a production possibilities frontier (PPF) for this farm. Which of the PPFs you have just drawn has a corner solution? Explain what this means.
You run the only lemonade stand in Central Park. If people don't buy lemonade. What does this experience tell you about the demand for lemonade in Central Park?
What are the advantages and disadvantages of using a lockout when lengthy talks don't lead to an agreement and both players and owners will face heavy financial
What is the price elasticity of demand? Is demand elastic, unit-elastic or inelastic?
The traditional economic model assumes that consumption is done by households. What other role may households play?
What is the estimated elasticity of demand for new cars with respect to the price of cars?
Briefly describe the various definitions of the term development encountered in the text. What are the strengths and weaknesses of each approach?
Why is an understanding of development crucial to policy formulation in developing nations?
Why is a strictly economic definition of development inadequate? What do you understand economic development to mean?
What are good economic institutions, why do so many developing countries lack them, and what can developing countries do to get them. Justify your answer.
What critical issues are raised from the examination of development problems and prospects facing Brazil?
Regression analysis was used to estimate the following seasonal forecasting equation:
What forces may be at work in giving the Millennium Development Goals such a high profile in international economic relations?
Why is a proper understanding of risks faced by smallholder farmers of such fundamental importance to agricultural development policy?
Estimate the value of TVC for sales/output level 250,000 units, and calculate the 95% confidence interval for your estimate
Question: Whats the concept of dummy variables. What is their relevance in regression analysis?
Since a multiple regression can have any number of explanatory variables, how do we decide how many variables to include in any given situation?
May Brothers Department Store has conducted a survey to learn the buying intentions of a sample of 62 department store customers.
What is the estimated regression line? What does the coefficient of square feet represent?
Does Vanguard’s advertising expenditure have a statistically significant effect on sales of Bright Side detergent? Explain, using appropriate p-value.
Explain how you avoid the dummy variable trap (Hint: why you omitted one regional variable and what happen if it is included).
State in algebraic notation and explain the assumption about the CLRM's disturbances that is referred to by the term homoscedasticity
a. Develop a linear trend line forecast to forecast printer demand in year 11.
Are there any flaws in this economist's logic? Which should government promote first-consumption or production? Or neither?