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Tutor profile: James S.

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James S.
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Questions

Subject: Economics

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Question:

What is the definition of the Law of Demand?

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James S.
Answer:

The law of demand describes the relationship between price and quantity demanded of any given item. As the price goes up, the quantity demanded goes down; as price goes down, quantity demanded goes up. This inverse relationship describes why the demand curve is downward sloping.

Subject: Econometrics

TutorMe
Question:

If the plot of the residuals of a linear regression shows a parabolic pattern, what might this indicate within your results?

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James S.
Answer:

Any nonrandom pattern of residuals is problematic. Since there is a visible pattern in these plots, your results could be biased easily. This might indicate heteroskedasticity.

Subject: Microeconomics

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Question:

What would happen to the quantity (both demanded and supplied) of labor if, in market equilibrium, the government established a minimum wage below the equilibrium wage.

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James S.
Answer:

Nothing would happen, since the equilibrium wage is above the price floor. If the minimum wage was established above the equilibrium wage, the quantity demanded of labor would be less than the quantity supplied, resulting in a surplus of labor.

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