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Econ220B_prob2

# Econ220B_prob2 - Problem Set 2 Due at 9:20 a.m on Thursday...

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Problem Set 2 Dueat9:20a.m.onThursdayJan26 This problem set asks you to replicate and extend the analysis by Hayashi and Nerlove of cost functions for electricity generation. Note that data sets for Hayashi’s text can be downloaded from http://fhayashi.fc2web.com/datasets.htm The data set for this problem can be obtained in either ASCII format http://fhayashi.fc2web.com/hayashi%20econometrics/ch1/NERLOVE.ASC or Excel spreadsheet http://fhayashi.fc2web.com/hayashi%20econometrics/ch1/nerlove.xls This text file has data on 145 electric utility companies in 1955 for the following: Column 1: total costs (call it TC   in millions of dollars Column 2: output ( Q ) in billions of kilowatt hours Column 3: price of labor ( PL ) Column 4: price of fuels ( PF   Column 5: price of capital ( PK ) Note that Columns 4 and 5 are in reverse order to that reported in equation (1.7.7) in Hayashi’s text– in equation (1.7.7), the price of capital p i 2 is the next-to-last variable and the price of fuel

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Econ220B_prob2 - Problem Set 2 Due at 9:20 a.m on Thursday...

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