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Tutor profile: Alice R.

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Alice R.
Harvard Economics Tutor
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Questions

Subject: Economics

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Question:

What is the probability of rolling two dice and getting at least one odd number?

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Alice R.
Answer:

Given that there are 4 possible outcomes when you roll 2 dice (even + even, even + odd, odd + even, and odd + odd), that 3 of these outcomes include one odd number, and that there is a 1/4 chance of rolling each combination, the overall probability is equal to 3*1/4 = 3/4 or 75%.

Subject: Econometrics

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Question:

What conditions must exist for Omitted Variable Bias to occur?

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Alice R.
Answer:

The variable must 1) be correlated with the dependent variable and 2) be correlated with at least one of the independent variables in the model.

Subject: Microeconomics

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Question:

Explain the difference between a shift in the demand curve and movement along the demand curve.

Inactive
Alice R.
Answer:

Movement along the demand curve happens only when there is a change in price, whereas a shift in demand is the result of a change in demand even though the price is still the same as it was before.

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