Considering all that you have learned about pure competition, post a response to the following:

• Does pure competition, as a market model, have any disadvantages for a) producers, and b) consumers? Give examples to substantiate your response.

The Desirability of Pure Competition

You have learned that in the long run, pure competition leads to productive efficiency and allocative efficiency. Given this fact, post a response to the following:

• Is pure competition a “desirable” market model for all industries? Should industries aspire for pure competition? Why or why not?

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• Think of an industry that does not function in a purely competitive market currently. Describe the changes that would be required, if this industry wanted to function under pure competition.

Order DescriptionSo this is for my PHD midterm on economics. Please answer every question in depth, citing page numbers from the readings for every response. For any questions about my thesis (like the first question), I have uploaded my proposed thesis paper for you to examine and converge data on.

Please do NOT cite any information from outside sources. The responses MUST come from the sources I’ve uploaded. My advice is to search the index of the Wheelan book for where the answers are.

Answer each question concisely and clearly.

Discuss some longitudinal data that may be helpful to your thesis, or was important in a reading that you have done for another class.

Discuss some cross-sectional data that may be helpful to your thesis, or was important in a reading that you have done for another class.

What is a descriptive statistic? Can you think of one that would be helpful to discuss in your thesis?

What is sampling, and are there sampling data that may be helpful in your thesis writing? Discuss.

In discussing the relationship between two variables, you may want to ______________ the association between them and assess the ____________________that the association between them is merely a coincidence. Please fill in the blanks.

Discuss the different ways to calculate an average.

What is the normal distribution?

Describe the difference between a percentage change and a change in percentage points.

How is variance calculated?

How is the standard deviation calculated?

How would you distinguish between precision and accuracy?

What is the difference between a nominal and a real figure?

What does Wheelan mean by managing by statistics?

What is a correlation coefficient?

Name and describe the five examples of “garbage in, garbage out”.

What is the OLS method?

Write down a regression equation that could be of use in your research or illuminates some relationship in which you are interested.

Name and describe common regression mistakes. (this question is worth triple value).

Please describe what a t-distribution is.

Which inferences does the Central Limit Theorem allow us to make about a sample?

Why couldn’t the Whitehall Study analyzed by means of multiple regression analysis be confirmed through experimental work?

Name one additional source of evidence that strengthened the finding of the Whitehall Study beyond the multiple regression analysis itself.

Why does Ellenberg make the distinction between “statistically significant” and “statistically noticeable” or “statistically detectable”? What does he mean by the distinction?

What does Ellenberg mean by an underpowered statistical study?