ECON 3210 Lecture : econ 3210 Assignment_solutions.pdf

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indigomallard43

9 Feb 2013

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Exercise 2. 15 (b) the estimated equation is (cid:1849)(cid:1827)(cid:1833)(cid:1831)(cid:3555) (cid:3404)(cid:3398)6. 7103(cid:3397)1. 9803 (cid:1831)(cid:1830)(cid:1847)(cid:1829) The coefficient 1. 9803 represents the estimated increase in the expected hourly wage rate for an extra year of education. (se) (1. 9142) (0. 1361) Chapter 2, exercise solutions, principles of econometrics, 4e. The residuals are plotted against education in figure xr2. 15(c). There is a pattern evident; as educ increases, the magnitude of the residuals also increases, suggesting that the error variance is larger for larger values of educ a violation of assumption sr3. If the assumptions sr1-sr5 hold, there should not be any patterns evident in the residuals. The white equation is obtained from those workers who are neither black nor asian. From the results we can see that an extra year of education increases the wage rate of a black worker more than it does for a white worker. And an extra year of education increases the wage rate of a female worker more than it does for a male worker.

Related Questions

Can lean principles be applied to so-called knowledge work? This issue is addressed in the following article: B. R. Staats and D. M. Upton, Lean Knowledge Work, Harvard Business Review, October 2011.

You can view the article here: https://hbr.org/2011/10/lean-knowledge-work . (click through the ad that shows up first)

After accessing and reading this article, respond to the following set of questions.

Required Answers

1. Define what is meant by the term lean (or lean management). To date, what types of organizations have successfully applied lean? Why have these contexts proven fruitful for the application of lean?

2. According to the authors, what is meant by the term knowledge work? Why is it more difficult/ challenging to apply lean principles to this work context?

3. Based on their own research, what do the authors claim to be the primary benefits of applying lean principles to knowledge work?

4. Based on their experience with over 1,800 projects, the authors developed six principles that they say could be used to guide the implementation of lean in regard to knowledge work (such as software and IT-development projects). Provide an overview of each of these principles.

ochrefrog905

Below is a recommended topic for this discussion. If your instructor chooses a different Making the Connection from this week's readings or another alternate discussion topic, his or her chosen topic and any required work in MyEconLab or elsewhere will be in the instructor's first posting.

Read the Making the Connection short case titled In the Apple iPhone Apps Store, Easy Entry Makes the Long Run Pretty Short in Chapter 12 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). Then post your first posting this week beginning to discuss what you've read and watched in the video.

Then work on problems and applications 5.9, at the end of Chapter 12, answering and discussing the questions in that exercise.

MyEconLab screen for both week 2 videos.

First Part:

Question 1

Guys, I refer you to the question above Read the Making the Connection short case titled In the Apple iPhone Apps Store, Easy Entry Makes the Long Run Pretty Short in Chapter 12 of our textbook...

Question 2

Guys, what are the characteristics of a perfect market? Why is it perfect?

Question 3

Guys, what is MC = MR? Explain this point.

yellowdolphin630

2. Plot the initial budget line Blo, the new budget line BL1 and the compensated budget line BLC after the price of X, increases. Then, plot the substitution effect SE, the income effect IE, and the total effect TE for each of the two consumers according to their indifference curves. Please note that the focus of this question is not on finding the exact quantities of each good that these consumers would be purchasing before and after the price change. (30 marks) 2. (a) Adam lives in Australia and his income is 300. Initially, the price of X, is 6 and the price of X2 is 10. Then, the price of xı increases to 12 while the price of X2 and his income remain unchanged. Use your findings on SE, IE, TE, and lecture discussion to help you explain whether (i) X1 is a normal good and (ii) the demand curve for Xi is downward-sloping (13 marks) 40 0 5 10 15 20 25 30 35 40 45 50 x1 2. (b) Beatrice lives in Barbados and her income is 700. Initially, the price of Xi is 7 and the price of xz is 10. Then, the price of Xı increases to 14 while the price of x2 and her income remain unchanged. Use your findings on SE, IE, TE, and lecture discussion to help you explain whether (i) x1 is a normal good and (ii) the demand curve for Xi is downward- sloping. (14 marks) -U3 02 10 o 20 30 40 50 60 70 80 90 100 x;* 2. (c) Is Xi a Giffen good to Adam or Beatrice? What are the conditions for a good to become a Giffen good? (3 marks)

ECON 3210 Lecture : econ 3210 Assignment_solutions.pdf

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