Study guides, Class notes & Summaries

STAT 501 Homework 6 Solution (Penn State) STAT 501 Homework 6 Solution (Penn State) 1. (2x4 = 8 points) a) SSE(X1, X2) = SSTO – SSR(X1, X2) = 11489 – 10493 = 996, 2. (5 5 5 10 5 2 = 32 points) a) Analysis of Variance 3. (10 6x5 = 40 points) a) Calculate t-stat for X2 first, then F-stat for X2, then Adj SS for X2. 4. (4x5 = 20 points) a) Test statistic: t = - 0.31 with p-value = 0.757. So, we do not reject H0 in favor of Ha and conclude β1 = 0. That is, X1 does not have a si...

STAT 501 Homework 9 Solution (Penn State) STAT 501 Homework 9 Solution (Penn State) 1. (15 points) (a) For X1, X2, and X3, AICp = 40× ln(465) − 40× ln(40) 2 × 4 = 106.126 2. (8x6 = 48 points) (a) The best three-variable model includes the variables X1, X3 and X3X4. The Cp and 3. (11 points) (a) Model A: 4. (11 points) (a) Below is a table summarizing the prefered model according to each different criterion, as well as the optimal value for that criterion. 5. (15 points)...

ECON 102 Quiz 7 Answers (Penn State University) Question 1 Which of the following markets is the closest to being perfectly competitive? Question 2 When we say that a firm is a "price taker", we mean that Question 3 In the above figure, the demand curve depicted on which graph represents the demand curve faced by a perfectly competitive firm? Question 4 If a perfectly competitive firm chooses output such that MR< MC Question 5 A perfectly competitive firm will maximize profit by choosin...

ECON 102 Quiz 6 Answers (Penn State University) Question 1 Select the answer below that corresponds to the idea of a derived demand curve. Question 2 A profit maximizing firm that has labor as the only variable factor of production has a demand curve that is Question 3 Consider the graph above. A profit maximizing firm will hire a quantity of labor that Question 4 Consider the table above. How much does the 4th worker contribute to the firm’s revenue? Question 5 Consider the table above. W...

ECON 102 Quiz 3 Answers (Penn State University) Question 1 The price of a hamburger at a fast food restaurant increases from $2.30 to $3.50. The law of demand predicts that Question 2 Which of the following are the best examples of complements? Question 3 In the above figure, a decrease in the price of a complement for a product is represented by Question 4 The law of supply states that Question 5 Each of the following would cause a decrease in the supply of corn EXCEPT Question 6 In the ab...

ECON 102 Quiz 2 Answers (Penn State University) Question 1 Mark can produce 50 baseballs in a month and Katie can produce 60 baseballs in a month. Also, Mark can produce 40 bats in a month and Katie can produce 30 bats in a month. What is Mark’s opportunity cost of producing 20 bats? Question 2 Mark can produce 50 baseballs in a month and Katie can produce 60 baseballs in a month. Also, Mark can produce 40 bats in a month and Katie can produce 30 bats in a month. What is Katie’s opportunity...

ECON 102 Midterm Exam Part 1 Answers (Penn State University) Question 1 When an economist talks about scarcity, he or she is referring to Question 2 Which of the following is a positive statement? Question 3 A statement of economic theory that abstracts from the nuances of reality is Question 4 You can either go to a movie, go to a concert, or go out to eat tonight. You decide that your first choice is going to a concert, second choice is going out to eat, and third choice is going to a movie...

ECON 102 Midterm Exam Part 1 Answers (Penn State University) Question 1 When an economist talks about scarcity, he or she is referring to Question 2 Which of the following is a positive statement? Question 3 A statement of economic theory that abstracts from the nuances of reality is Question 4 You can either go to a movie, go to a concert, or go out to eat tonight. You decide that your first choice is going to a concert, second choice is going out to eat, and third choice is going to a movie...

ECON 102 Homework 9 Answer (Penn State University) Question 1 Unlike a monopolist’s product, a monopolistically competitive firm’s product Question 2 Which two industry structures are characterized by easy entry and exit? Question 3 The restaurant industry is an example of a(n). Question 4 In monopolistic competition, Question 5 Monopolistically competitive firms in long run equilibrium produce at _________ than the optimal scale. Question 6 For a monopolistically competitive firm, in l...