Discuss the concept in econometrics that states, "garbage in . . . garbage out."
What will be an ideal response?
When the data used in an econometric analysis are not carefully screened for errors, there
can be faulty and misleading results that occur. There has been some time expended to
ensure that the data have been "cleaned" properly.
Economics
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At a price of $20, Daphne sells 35 hand-painted dog collars per week. When she raised her price to $25, she sold 28 per week. Based on this information, the demand for her dog collars is
A) perfectly elastic. B) inelastic. C) elastic. D) unit elastic.
Economics
In the short run, it is impossible for an expansion of output to cause an increase in: a. ATC
b. AVC. c. AFC. d. MC.
Economics