1. A situation is efficient if a. no change can help some people without hurting others. b. the gain for some people offsets the loss for others. .C. the gain for some people more than offsets the loss to others. d. consumer surplus is maximized. e. producer surplus is maximized
Some Terminology o In the simple linear regression model where y=Bo+ Bx+ u, we typically refer to y as the a Dependent variable, or a Left-Hand Side Variable. or Explained variable, or Regressand
Why study econometrics? Rare in economics(and many other areas without labs! ) to have experimental data Need to use nonexperimental. or observational data to make inferences eImportant to be able to apply economic theory to real world data Economics 20- Prof. Anderson
