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Need help with the coding aspect of this, we are using R and I'm particularly struggling to conduct the tests for heteroskedasticity
Obtain the three CPS wage datasets, do the following for each of the three datasets, at at the end compare your results. (1) Specify and estimate a model of hourly wages using our CPS data. Among other things, you will likely want to consider non-normality, outliers, omitted variables, measurement error, multicollinearity, group effects, nonlinearities, and heteroskedasticity. (2) Suppose that a new person arrives (non-union white female, 14 years education, 6 years experience). Predict her wage.
Attachment:- Data.rar
Demonstrate that the maximum likelihood estimator of p is m/n.
Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons a month. Perform the following: 1.Compute the price elasticity of demand ..
Following are observations on the market price and the quantity of good X produced and consumed in three different years: $10 and 100 units, $4 and 57 units, and $8 and 88 units. Can we conclude that the market demand for X slopes upward
Bolivia's real GDP per capita is growing at a rate of 1.3%, which would we expect in the long run Assume real GDP per capita in the United States begins at a level above that of real GDP per capita in Bolivia.
The car travels up the hill with a speed of v = (0.2s) m/s where is in meters, measured from Determine the magnitude of its acceleration when it is at point s = 50 m where, r = 500 m.
A potential entrepreneur is trying to decide whether to open a new health spa. She presently makes $35,000 per year as an aerobics instructor and will have to give up this job if she opens the new health spa. If she chooses to open the spa, it wil..
Assume that the mean hourly cost to operate a commercial airplane follows the normal distribution with a mean of $2,425 per hour and a standard deviation of $195. What is the operating cost for the lowest 4 percent of the airplanes.
Suppose that the w=1, r=4 and the production function is given by: Q = K1/3L2/3. This means that the marginal product of labor and marginal product of capital are given by: MPL=(2/3)(K/L)1/3 and MPK=(1/3)(L/K)2/3. If the firm wants to produce 32 unit..
1.the table below shows the probability that a mother in a given part of the income distribution given by the row will
L Q MPL APL 1 3 +3 3 2 6 +3 6 3 16 -10 -5.33 4 29 -13 -7.25 5 43 -14 -8.6 6 55 -12 -9.17 7 58 -3 -8.29 8 60 2 7.5 9 59 -1 -6.56 10 56 -3 -5.6 b). plot the (i) total product, (ii) marginal product, (iii) average product functions.
Assume that Home is a small economy, and the world price is given by $60. If the Home's government wants to collect tariff revenues and uses the import tariff of $100, what is the imported quantity, given this tariff.
Suppose the government decides to increase taxes by $30 billion in order to increase Social Security benefits by the same amount. How will this combined tax-transfer policy affect aggregate demand at current prices
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