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“When Star Company increases its production of gizmos, it finds that its average total cost of producing gizmos decreases. From this we can infer Star’s marginal cost of producing a gizmo is”

An example of a good that is both Rival and Excludable is:

If a positive externality exists, supply and demand intersect at:

An example of a good that is neither rival nor excludable is:

What can you conclude about your model, given the results of the vif command, above? 

What is the purpose of adding “, robust” to the end of this command? If you were to re-run the regression WITHOUT that option, what might change about the results? 

Interpret the coefficient on exper. Does this association seem practically significant? Why or why not? (justify your answer)

Screenshot 2024-04-21 at 4.54.45 PM(2).png What is the average variable cost of producing the 4th unit? 

What is the p value? Do not round. [pvalue]

Screenshot 2024-04-21 at 4.54.45 PM.png What is the total cost of producing the 3rd unit?