Quantitative Methods in Economics-Mathematical Methods in Economics [IEcoS (Economic Services) Economics Paper-1]: Questions 1 - 7 of 15

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Question 1

Appeared in Year: 2013

Describe in Detail Subjective▾

Write dual of the following linear programme and solve the obtained dual graphically:

Maximize:

Subjects to:

(Section B)

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Explanation

The Duality in Linear Programming states that every linear programming problem has another linear programming problem related to it and thus can be derived from it. The original linear programming problem is called “Primal,” while the derived linear problem is called “Dual.”

Before solving for the duality, the original linear programming problem is …

… (288 more equations, 16 figures) …

Question 2

Appeared in Year: 2015

Describe in Detail Subjective▾

State the Hawkins-Simon condition and explain its economic meaning and significance.

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Explanation

  • Input-output is a novel technique invented by Professor Wassily W. Leontief in 1951.

    It is used to analyse inter-industry relationship in order to understand the inter-dependencies and complexities of the economy and thus the conditions for maintaining equilibrium between supply and demand.

  • Hawkins-Simon conditions:

    Our basic equation is X = (I − A)-1

… (424 more words) …

Question 3

Appeared in Year: 2015

Describe in Detail Subjective▾

Consider the Leontief static input-output model along with its assumptions. How can you confirm that the model is either open or closed? State the fundamental objective of Leontief static open input-output model.

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Explanation

  • Input-output is a novel technique invented by Professor Wassily W. Leontief in 1951.

    It is used to analyze inter-industry relationship in order to understand the inter-dependencies and complexities of the economy and thus the conditions for maintaining equilibrium between supply and demand.

  • Static Input Output model
    • The input-output model relates to t…

… (367 more words) …

Question 4

Appeared in Year: 2016

Describe in Detail Subjective▾

Explain detection of heteroscedasticity in a model.

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Explanation

Although heteroscedasticity does not destroy the unbiased and consistency properties of the OLS estimators, they are no longer efficient. This lack of efficiency makes the usual hypothesis testing procedure faulty.

  • Therefore, remedial measures are necessary to be undertaken. But before that we should make some corrections for heteroscedasticity, we …

… (147 more words) …

Question 5

Appeared in Year: 2016

Describe in Detail Subjective▾

Define heteroscedasticity.

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Explanation

One of the important assumptions of the classical linear regression model is that the variance of each disturbance term , conditional on the chosen values of the explanatory variables, is some constant number equal to .

This is the assumption of homoscedasticity or equal (homo) spread (scedasticity) , that is,…

… (160 more words, 7 figures) …

Question 6

Appeared in Year: 2014

Describe in Detail Subjective▾

What is the problem of multicollinearity m a regression model? What is its plausibility? Explain Farrar - Glauber method to detect it. How can it be removed?

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Explanation

The term Multicollinearity is due to Ragnar Frisch. Originally it meant the existence of a “perfect,” or exact, linear relationship among some or all-explanatory variables of a regression model. For the k-variable regression involving explanatory variable

… (704 more equations) …

Passage

An economy produces only coal and steel. The two commodities serve as intermediate inputs in each other՚s production. 0.4 tons of steel and 0.7 tons of coal are needed to produce a tons of steel. Similarly, 0.1 tons of steel and 0.6 tons of coal are required to produce a tons of coal. No capital inputs are needed. 2 and 5 labor days are required to produce a tone of coal and steel respectively. If the economy needs 100 tons of coal and 50 tons of steel,

Question 7 (1 of 4 Based on Passage)

Appeared in Year: 2020

Write in Short Short Answer▾

Calculate the gross output of the two commodities and the total labor required.

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