Faculty of social studies department of economics supply response of tobacco output to price changes in

Table 3: Results for unit root test at first difference
18
Table 4: Correlation Matrix Results
19
Table 5: Results for model diagnostic tests
19
Table 6: Regression Results with Total Output dln(TOUT
t
) as the dependent
20
List of figures
Figure 1: The Cobweb model ........................................................ Error! Bookmark not defined.
iv

List of Acronyms
ADF
ARCH
ARDL
BG

BLUE
CLRM
DW
ECM
ESAP
FAO
FAOSTAT
FTLRP
Augmented Dickey Fuller
Autoregressive Conditional Heteroskedasticity
Autoregressive Distributed Lag
Breusch Godfrey
Best Linear Unbiased Estimates
Classical Linear Regression Model
Durbin Watson
Error Correction Model
Economic Structural Adjustment program
Food and Agriculture Organisation
Food and Agriculture Organisation Statistics
Fast Track Land Reform Programme v

HAC
JB
LM
ML
MoM
OLS
RESET
TIMB
US$
ZTA
Heteroskedasticity, Autocorrelation and Consistent standard errors
Jarque Bera
Lagrange Multiplier
Maximum Likelihood
Method of Moments
Ordinary Least Squares
Regression Specification Error Test
Tobacco Industry and Marketing Board
United State dollar
Zimbabwe Tobacco Association

vi

CHAPTER ONE
INTRODUCTION AND BACKGROUND

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