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1) Show all calculations. Correct answers without supporting calculations will get only ¼ the allotted points.
X
Y
16
120
35
140
20
160
24
115
25
40
Calculate the regression line (the α + β). Show all your work.
2) Paasche Price Index:
Price per lb. 2007
Qty. bought in 2007
Price per lb. 2008
Qty. bought in 2008
Onions
$ 2.25
9
$ 2.30
7
Garlic
$ 4.50
$ 5.00
8
Tomatoes
$ 1.75
$ 1.65
10
Calculate the inflation rate between 2007 and 2008. Use the Paasche Price Index with 2007 as the base year. You need to get the price indices first before you can calculate the inflation rate.
3)
Coefficients
Standard Error
t Stat
P-value
Lower 95%
Upper 95%
Intercept
52.25
12.37
0.023
47.56114
56.91386
YEARS
1.49
0.53
0.002
0.267298
2.714904
The table above shows the regression results for the model:
Wage = α + β YEARS + ε
Where: wage is the hourly wage and years is the number of years of experience.
Given the regression results, how much should an individual with 19 years of experience earn?
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