EBK MODERN PRINCIPLES OF MICROECONOMICS
3rd Edition
ISBN: 8220103647816
Author: COWEN
Publisher: YUZU
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Question
Chapter 11, Problem 1FT
To determine
Who among the given list of people can be categorized as “unemployed”?
Expert Solution & Answer
Answer to Problem 1FT
A person out of work and actively searching for work
Explanation of Solution
A person can be categorized as unemployed only if he is out of work, but is willing, interested and able to work but cannot find a job. This also means that he is eagerly searching for a job. Such a person can be categorized as unemployed.
A person in prison cannot be categorized as unemployed as he would not be able to work, though he may be interested and willing.
A person who wants to work but stopped searching six months ago would not be categorized as an unemployed person but a “discouraged worker”, as he has stopped searching for a job.
A person who works part time, but who wants full-time work would not be categorized as “unemployed” but as “under-employed”.
Economics Concept Introduction
Concept introduction:
Discouraged workers: Discouraged workers are workers who have given up looking for work but who would still like a job.
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QUESTION 2
[20]
2.1 Body Mass Index (BMI) is a summary measure of relative health. It is calculated by dividing an
individual's weight (in kilograms) by the square of their height (in meters).
A small sample was drawn from the population of UWC students to determine the effect of exercise
on BMI score. Given the following table, find the constant and slope parameters of the sample
regression function of BMI = f(Weekly exercise hours). Interpret the two estimated parameter
values.
X (Weekly exercise hours) Y (Body-Mass index)
QUESTION 3
2
4
6
8
10
12
41
38
33
27
23
19
Derek investigates the relationship between the days (per year) absent from work (ABSENT) and the
number of years taken for the worker to be promoted (PROMOTION). He interviewed a sample of 22
employees in Cape Town to obtain information on ABSENT (X) and PROMOTION (Y), and derived
the following:
ΣΧ
ΣΥ
341
ΣΧΥ
176 ΣΧ
1187
1012
3.1 By using the OLS method, prove that the constant and slope parameters of the…
QUESTION 2
2.1
[30]
Mariana, a researcher at the World Health Organisation (WHO), collects information
on weekly study hours (HOURS) and blood pressure level when writing a test
(BLOOD) from a sample of university students across the country, before running the
regression BLOOD = f(STUDY). She collects data from 5 students as listed below:
X (STUDY)
2
Y (BLOOD)
4
6
8
10
141
138
133
127
123
2.1.1 By using the OLS method and the information above derive the values for parameters
B1 and B2.
2.1.2 Derive the RSS (sum of squares for the residuals).
2.1.3 Hence, calculate ô
2.2
2.3
(6)
(3)
Further, she replicates her study and collects data from 122 students from a rival
university. She derives the residuals followed by computing skewness (S) equals -1.25
and kurtosis (K) equals 8.25 for the rival university data. Conduct the Jacque-Bera test
of normality at a = 0.05.
(5)
Upon tasked with deriving estimates of ẞ1, B2, 82 and the standard errors (SE) of ẞ1
and B₂ for the replicated data.…
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Chapter 11 Solutions
EBK MODERN PRINCIPLES OF MICROECONOMICS
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