Appendix: In regression analysis, the existence of a significant pattern in successive values of the error term constitutes:
a. heteroscedasticity
b. autocorrelation
c. multicollinearity
d. nonlinearities
e. a simultaneous equation relationship
b
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“Equilibrium” is a situation in which there are no inherent forces to produce change.
Answer the following statement true (T) or false (F)
Sunshine's Organic Market sells organic produce. Assume that labor is the only input that varies for the firm. The store manager has determined that if she hires 9 workers, the store can sell 200 pounds of produce per day. If she hires 10 workers, the store can sell 230 pounds of produce per day. The store earns $4 for each pound of produce that it sells, and the manager pays each worker $60 per
day. Which of the following is correct? a. For the 10th worker, the marginal product is 20 pounds of produce per day. b. For the 10th worker, the marginal revenue product is $120 per day. c. The marginal profit from the 10th worker is $120. d. All of the above are correct.
The demand for firewood is likely to be more elastic in the summer than in the winter
a. True b. False
In the case study discussed in the chapter, the electronics firm was actually enhancing its profits by selling calculators at a price that was below average cost.
Answer the following statement true (T) or false (F)