A(n) variable is calculated from within the model. A(n) _ endogenous; endogenous O endogenous; exogenous exogenous; endogenous exogenous; exogenous none of the above 000 variable can never be taken as given.

The cost C(Q) of producing a quantity Q of widgets to satisfy demand isC(Q) = 4000+20Q, but the quantity demanded is random. If the mean and standarddeviation of demand are 500 and 200, respectively, then what are the mean andstandard deviation of costs?

Two identically able agents are competing for a promotion. The promotion is awarded on the basis of output (whomever has the highest output, gets the promotion). Because there are only two workers competing for one prize, the losing prize=0 and the winning prize =P. The output for each agent is equal to his or her effort level times a productivity parameter (d). (i.e. Q2=dE1 , Q2=dE2). If the distribution of “relative luck” is uniform, the probability of winning the promotion for agent 1 will be a function of his effort (E1) and the effort level of Agent 2 (E2). The formula is given by...Prob(win)=0.5 + α(E1-E2), where α is a parameter that reflects uncertainty and errors in measurement. High measurement errors are associated with small values of α (think about this: if there are high measurement errors, then the level of an agent’s effort will have a smaller effect on his/her chances of winning). Using this information, please answer the following questions. Both workers have a…

The parameters estimated using econometric methods are generally used for A generating data, probability distributions. B confirming, denying effects of policy. testing hypotheses, predicting validation, repudiation. or