ECO404 GDB Fall 2020

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ECO404 GDB Fall 2020

Solution:

Single equation models are often used by firms to forecast demand or sales. But economic relationships are so complex that require multiple equation models. This is particularly the case in forecasting macroeconomic variables such as gross national product or demand or sales of major sectors or industries. Multiple equation models may include only a few equations or hundreds of them. Consider the following three simple equation model of the national economy that can be used to forecast the GNP of the country.

Consumption (C) = a1 + b1GNP + u1 1
Investment (I) = a2+ b2 Profits in previous years + u2 2

Definitional equation
GNP = Consumption (C) + Investment (I) + Government Expenditures (G)

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