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Estimate the relationship between candy and pounds using ols

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Reference no: EM131135148

1. Consider the following (familiar) equation which estimates the number of hours of sleep per year that someone gets as a function of hours worked per year (totwork), education (in years) and age. Suppose this equation is estimated using a new data set of 64 people and the results are

Sleep = 3434.8 - .118 totwork - 12.05 education +2.35 age

            (115.71)  (.025)             (3.25)         (1.01)

n = 64 R2 = 0.185

a. Test the null hypothesis that the coefficient on education is equal to 6 at the 596 level.

b. Dropping age and education from the equation yields the following estimate:

Sleep = 3288.0 - .127 totwork

           (47.21)    (.028)

n = 64 R2 = 0.141

Are education and age jointly significant at the 5% level? Justify your answer.

2. Consider the following relationship between number of pieces of candy eaten per day and pounds gained per month:

Person

Candy

Pounds

1

3

6

2

5

7

3

1

2

4

8

10

5

3

5

a. Estimate the relationship between candy and pounds using OLS. That is obtain the intercept and slope intercepts in the equation:

Pounds = β0 +β1Candy

b. What is the predicted number of pounds gained per month if someone eats 2 pieces of candy per day?

c. How much of the variation in pounds gained is explained by pieces of candy eaten? In other words: What is R2 for this regression?

Reference no: EM131135148

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