Answered: 9 2. (A) Conaider a product inarket… | bartleby

Algebra & Trigonometry with Analytic Geometry

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter10: Sequences, Series, And Probability

Section10.8: Probability

Problem 31E

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Q 2. (A) Consider a product inarket with a supply funetion
Qui- b0 + bIPi+ usi,
and a demand function
Qdi- g0 + b1Pi + udi, and a market equilibnum condition Qsi = Qdi, wbere usi and udi
are mutually independent i.i.d. random variables, both with a mean of zero.
a. Show that Pi and udi are correlated.
b. Show that the OLS estimator of bl is inconsistent.
c. How would you estimate b0, bl, and g0?

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