Elasticity and Goodness-of-Fit Assignment | Homework For You

8. Elasticity and goodness-of-fit

Don't use plagiarized sources. Get Your Assignment on
Elasticity and Goodness-of-Fit Assignment | Homework For You
Just from $13/Page
Order Now

(a) (5 marks) What is the elasticity of beef consumption with respect to beef price, when evaluated at the sample mean values of the variables? Interpret the elasticity.

(b) (5 marks) Interpret the coefficient of determination (R^2 ).

Homework For You

9. Heteroscedasticity

(a) (5 marks) Test for heteroscedasticity using the Koenker variant of Breusch-Pagan test at 5%.

(b) (5 marks) What are the consequences of heteroscedasticity when all the other standard assumptions are satisfied?

  • Attachment 1
  • Attachment 2

The following regression model has been estimated using OLS. The result is provided at theend of the questions. Answer the questions in the present section based on this model and theprovided Great! output. BEEF_CONSt = I31 + smear/IE. + fiaBEEF_PR1CE1 + B4PORK_PRICE + at where BEEF_CONS: = consumption of beef per capita in year t (kg),INCOME = real income per capita in year t (thousands of dollars),BEEF_PRICE1 = average real price of beef per kilogram in year t (SE),PORK_PRICE1 = average real price of pork per kilogram in year t ($),flk’s = regression coefficients, and et is the random error term, which follows N(0, 02).

If a question requires a statistical test, state clearly the hypotheses, auxiliary regression (ifany), test statistic and its distribution under the null, the observed value of the statistic, thelevel of significance and critical value, the decision, and an interpretation of the test result.Statistical tables are provided at the end of this question booklet. Get Economics homework help today

Calculate your paper price
Pages (550 words)
Approximate price: -

Why Choose Us

Quality Papers

At Myhomeworkwriters.com, we always aim at 100% customer satisfaction. As such, we never compromise o the quality of our homework services. Our homework helpers ensure that they craft each paper carefully to match the requirements of the instruction form.

Professional Academic Writers

With Myhomeworkwriters.com, every student is guaranteed high-quality, professionally written papers. We ensure that we hire individuals with high academic qualifications who can maintain our quality policy. These writers undergo further training to sharpen their writing skills, making them more competent in writing academic papers.

Affordable Prices

Our company maintains a fair pricing system for all academic writing services to ensure affordability. Our pricing system generates quotations based on the properties of individual papers.

On-Time delivery

My Homework Writers guarantees all students of swift delivery of papers. We understand that time is an essential factor in the academic world. Therefore, we ensure that we deliver the paper on or before the agreed date to give students ample time for reviewing.

100% Originality

Myhomeworkwriters.com maintains a zero-plagiarism policy in all papers. As such, My Homework Writers professional academic writers ensure that they use the students’ instructions to deliver plagiarism-free papers. We are very keen on avoiding any chance of similarities with previous papers.

Customer Support 24/7

Our customer support works around the clock to provide students with assistance or guidance at any time of the day. Students can always communicate with us through our live chat system or our email and receive instant responses. Feel free to contact us via the Chat window or support email: support@myhomeworkwriters.com.

Try it now!

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Homework Writing Services

My Homework Writers holds a reputation for being a platform that provides high-quality homework writing services. All you need to do is provide us with all the necessary requirements of the paper and wait for quality results.


Essay Writing Services

At My Homework Writers, we have highly qualified academic gurus who will offer great assistance towards completing your essays. Our homework writing service providers are well-versed with all the aspects of developing high-quality and relevant essays.


Admission and Business Papers

With Myhomeworkwriters.com, we will help you secure a position at your desired institution. Our essay writing services include the crafting of admissions papers. We will still help you climb your career ladder by helping you write the official papers that will help you secure a job. We will guide you on how to write an outstanding portfolio or resume.


Editing and Proofreading

Myhomeworkwriters.com has a professional editorial team that will help you organize your paper, paraphrase it, and eliminate any possible mistakes. Also, we will help you check on plagiarism to ensure that your final paper posses quality and originality.


Technical papers

My Homework Writers harbors professional academic writers from diverse academic disciplines. As such, we can develop homework writing services in all academic areas. The simplicity or complexity of the paper does not affect the quality of homework writing services.