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Problem
Use the data set mroz.txt to do the following regressions. To read the data set into r, you may use the read. Table command, such as: data <- read.table("mroz.txt")
1. Run an OLS regression of logarithm wage (lwage) on years of schooling (educ), i.e., lwagei = α + βeduci + ui. Use a sentence to interpret βˆOLS.
2. Use ivreg command to run a Two Stage Least Squares (2SLS) regression. Use father's years of schooling (fatheduc) as the instrument variable. Use a sentence to interpret βˆ 2SLS.
3. Check the F-statistics from the first-stage regression. How large it is? Is the instrument variable weak?
4. Perform a Hausman's test to compare OLS with 2SLS estimators. Write down your test hypothesis, p-value and conclusion.
5. Discuss if father's years of schooling (fatheduc) is a solid instrument variable, i.e., satisfies conditions of instrument variables.
Calculate the point price elasticity of demand. Is demand elastic, inelastic, or unit elastic. The demand curve is given by
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Suppose you suddenly realize that your demand estimates might have some uncertainty in them. How might you change value of surplus you give to the customers because of this?
The dean of a college faces the following costs: graders, faculty, classroom space, and chalk. Of these costs, which are likely to be variable in the long run?
Suppose the government of Kenya decides that lowest amount paid as salary by Kenyan companies at the Export processing zone will be Ksh 30,000/ effective June 2
Analyze the situation from the company you selected and the internal controls that may have been compromised to allow the problem to occur and the resulting financial impact to the business. Propose a plan to prevent this type of situation in the ..
Examine what the opponent would respond if the probabilities change, greater or lesser than what was found in 1) Find the joint probability (of each cell or box
Discussion: Anxiety Disorder Treatment. Write a 1,200-1,500-word essay on the nature of your hypothesis. Be sure to provide rationale for your thoughts.
What is meant by the term neoclassical counterrevolution? What are its principal arguments? How successful has the Grameen Bank been?
What are the major issues involving multinational enterprises as a source of conflict for source and host countries?
Find the future value one year from now of a $7,000 investment at a 3 percent annual compound interest rate. Also calculate the future value if the investment is made for two years
One explanation for China's rapid economic growth during the past several decades is its expansion of policies that encourage "technology transfer."
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