This document provides a dataset on cost function data for 145 U.S. electricity producers from 1955. It includes variables for total cost, total output, and prices of labor, fuel, and capital. Students are asked to:
1) Copy the dataset into Excel and take the logarithm of all variables
2) Run a multiple regression with the logarithmic variables
3) Write a 3-4 page report analyzing the regression results and answering questions about elasticities, predictions, and anomalies.
Mixin Classes in Odoo 17 How to Extend Models Using Mixin Classes
you are given a data set of cost function data. The data is based .docx
1. you are given a data set of cost function data. The data is based
on 145 U.S. Electricity Producers in 1955. The source of the
original data is:
Nerlove, M. (1963) Returns to Scale in Electricity Supply. In C.
Christ (ed.), Measurement in Economics: Studies in
Mathematical Economics and Econometrics in Memory of
Yehuda Grunfeld. Stanford University Press.
This is a classic work in cost analysis, and has been used in
many managerial economics courses, starting with Harvard
Business School. The original data have been revised and
updated by Christensen, L. R., and Greene, W. H. The attached
dataset is based on the revised data.
DATASET
Variables
TC = total cost (in 1970 Million USD)
Q = total output (Billion KwH)
PL = price of labor (wages)
PF = price of fuel
PK = price of capital
Observations
TC
Q
PL
PF
PK
0.082
2
2.1
17.9
183
0.661
3
2.1
35.1
22. logQ = log(total output)
logPL = log(price of labor)
logPF = log(price of fuel)
logPK = log(price of capital)
Run the following regression using the Excel add-in Data
Analysis:
logTC=
whereis an error term, and the variables and their logarithmic
transformations are defined above.
Read the Background material, run the multiple regression
outlined above and then write a 3- to 4-page report (and attach
the Excel printout) answering the following questions:
· What is the R-square of the regression? What does it mean?
· What is the elasticity of TC with respect to Q? Test the
significance of
· What is the elasticity of TC with respect to PL? Test the
significance of
· What is the elasticity of TC with respect to PF? Test the
significance of
· What is the elasticity of TC with respect to PK? Test the
significance of
· Can you forecast (predict) what happens to TC if PL doubles
(keeping everything else constant)?
· Looking at the ANOVA table, can you conclude the
independent variables jointly affect the average housing price?
See the ANOVA note in Module 2 SLP.
· Do you find any anomaly in the results? That is, is there any
result that does not make sense to you?
· How would inclusion of modern generation mix (Coal,
Nuclear, Natural Gas) change the specification of the demand
for electricity?
INFO620: Enterprise Database Systems – Labs
Page | 1
23. Name: _________________________________________
Date: __________________
Week 4 – Lab #3: Chapter 8
Grade: 3% of Class Grade
For lab assignments you must use an actual database – Database
systems such as Oracle, MS SQL, DB2, or Access are all
acceptable if they can handle the capability to handle these
questions. Do the exercises in the actual database then copy and
paste the results or an image of the results here in the respective
question part. ER Diagrams and Schemas can be created with
MS Visio templates. Refer to your Lab Manual located under
Resources > Assignments folder.
I. Page 281 Lab Exercise #8.28 all sections [1% point]
II. Page 281 Lab Exercise #8.31 [1% point]
III. Page 281 Lab Exercise #8.32 [1% point]
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