1.1 Assume that you are in charge of the central monetary authority in a mythical country. You are g

Feb 3rd, 2012
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1.1 Assume that you are in charge of the central monetary authority in a mythical country. You are given the following historical data on the quantity of money and national income (both in million dollars)……there are 4 problems in this chapter each has sub problems also. Here is the both questions and answers ……questions are in the image form of book’s page……..and here is full solutions of these questions. since image cannot be given here questions are in the file.......

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Problem 1.1:a) These points on a scatter diagram is plotted as follows. Also, the regression line of national income Y on the quantity of money X is plotted in the following diagram. The linear regression equation is:Y = 1.715X + 1.168b) The slope of 1.715 of the regression line can be interpreted as the amount increased in national income Y when increasing the quantity of money X by 1 unit.The intercept of 1.168 of the regression line can be interpreted as the predicted value of national income Y when the quantity of money X is equal to zero.c) The level that the money supply X should be set to achieve a level of national income Y of 12.0 in 1997 is equal to:Y = 1.715X + 1.168? 12.0 = 1.715X + 1.168? X = (12.0 - 1.168)/1.715? X = 6.3Problem 1.2:XYX2Y2XY25425102.55.56.2530.2513.753.2610.243619.23.6712.964925.23.37.210.8951

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