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Fit an educational attainment function, regressing S on ASVABC, SM, SF, and ASVAB5. Perform an F test of the explanatory power of ASVAB6, using the results of this regression and that in Exercise 4.16. Verify that it leads to the same conclusion as a two-tailed t test.
Exercise 4.16
Fit an educational attainment function using the specification in Exercise 4.15, adding the ASVAB speed test scores ASVAB5 and ASVAB6. Perform an F test of the joint explanatory power of ASVAB5 and ASVAB6, using the results of this regression and that in Exercise 4.15.
Exercise 4.15
Using your EAEF data set, fit an educational attainment function, regressing S on ASVABC, SM, and SF. Calculate the F statistic using R2 and perform a test of the explanatory power of the equation as a whole.
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Suppose a typical consumer's inverse demand function for bottled water at a resort area where one firm owns all the rights to a local spring is given by P = 15 - 3Q. The marginal cost for gathering and bottling the water is $3 per gallon.
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