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Macro & Microeconomics Essay

Heteroskedasticity Identification

“Breusch-Pagan test will be performed in order to identify any heteroskedasticity that is present in the models. The Breusch-Pagan test specifically tests for heteroskedasticity related to the independent variables and it must be assumed that the error term is normally distributed”.

Pages: 8 (2000 words), Essay
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Henry Ford's $5 workday
Henry Fords $5 workday Ford Motor Company’s decision to increase wages to $5 above market equilibrium was quite realistic considering the typical market wage in manufacturing that ranged from $2-3 per day. Economists perceive it rational for managers to pay its employees more than market-clearing wages to intensify their efficiency, reduce overall labor costs, eliminate structural unemployment, and enhance labor productivity. Although many condemned the move for fear that, the incentive might
Pages: 1 (250 words), Essay
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