In nonlinear models, the expected change in the dependent variable for a change in one of the explanatory variables is given by
A) ?Y = f(X1 + X1, X2,... Xk).
B) ?Y = f(X1 + ?X1, X2 + ?X2,..., Xk+ ?Xk)- f(X1, X2,...Xk).
C) ?Y = f(X1 + ?X1, X2,..., Xk)- f(X1, X2,...Xk).
D) ?Y = f(X1 + X1, X2,..., Xk)- f(X1, X2,...Xk).
Answer: C) ?Y = f(X1 + ?X1, X2,..., Xk)- f(X1, X2,...Xk).
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________ dictates the lowest wage that firms may pay for labor
A) The black-market wage B) A maximum wage requirement C) A minimum wage law D) A price-ceiling wage
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A) At each price the demand for coffee grinders exceeds the supply of coffee grinders. B) At each price there is a shortage; firms will raise the equilibrium price in order to eliminate the shortage. C) At each price there is a shortage; the shortage is greater at $15 than at $21. D) The difference between quantity supplied and quantity demanded is greater at $21 than at $15.
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A. marginal burden. B. incidence. C. payee. D. marginal tax rate.