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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

A change in X will lead to a change in Y. The predicted change is desirable, so we should change X. Do you agree or disagree? Explain.

To determine

How to bring changes in dependent variable.

Explanation

The statement can be agreed only when the relationship between the values of X and Y is defined precisely including dependent and independent variables.

There are two situations which make the statement disagreeable. First, if the relationship between the variables X and Y is misspecified, then the variable other than variable X would influence variable Y predominantly, which was ignored in the analysis...

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