Laws on dating in mich

The column headed “Total − 100” in Table 1 shows the result—a very satisfactory result, with little annual variation around the average of 2.65 percent and no apparent trend over time. Therefore, the value 0 billion represents, in round numbers, 0 per person (0 billion divided by 277.6 million persons).The facts in Table 1 suggest that an expenditure on clothing and shoes averaging about 0 per person per year is a base, or minimally acceptable, amount in the United States these days.

In equation form, this is represented by C = 100 .0265W, a far cry from the C = .12W we began with.Once that minimum is accounted for, additional purchases of clothing and shoes will amount to 2.65 percent of household income.In other words, Americans spend more on clothing and shoes the higher their household income, but they spend at least 0 billion per year.The need for the econometrician to use the best available economic judgment about “outside” factors is inherent in economic forecasting.An econometrically based economic forecast can thus be wrong for two reasons: (1) incorrect assumptions about the “outside” or exogenous variables, which are called input errors; or (2) econometric equations that are only approximations to the truth (note that clothing purchases beyond the minimum do not amount to exactly 2.65 percent of household income every year).

Leave a Reply