3 Short Answer 2 Consider the market equilibrium model on the regression practice prob-lems where prices and quantities are determined jointly by the intersection of the supply anddemand curves. We showed that, in this case, OLS of Q on P does not recover the supplynor demand elasticity. A solution to this endogeneity problem is an instrument.One popular instrument for a firm's price setting decision is the characteristics of productsproduced by rival firms. Why do you think such an instrument would be relevant? Do youthink such an instrument would satisfy the exclusion restriction? Why?

The determination of prices in different markets is usually characterized by two opposing…

Answered: Short Answer 2 Consider the market…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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