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Using a random sample of 670 individuals for the population of people in the workforce in 1976, we want to estimate the impact of education on wages. Let wage denote hourly wage in 1976 U.S. dollars and let educ denote years of schooling. We obtain the following OLS regression line: wage = -0.54 + 0.54educ. How do you interpret the slope of this regression line? What is the expected difference in the hourly wage between a worker that finished four years of college and a worker with finished high school? What is the predicted wage for a person with one year of education? Does that make sense? If it is not, what is the name of this problem in econometrics? How do we deal with it?
Suppose you are interested in the effect of skipping classes on college GPA, and collect a sample of economic variables from 400 college students to analyze the problem. Included in your data are college GPA on a four-point scale (COLGPA), high school GPA on a four-point scale (HSGPA), achievement test score (ATS), and the average number of Economics 122B lectures missed per week (SKIP). Running a regression of the dependent variable COLGPA on the other explanatory variables including a constant (and homoskedastic errors) yields:
Correspondence Analysis (CA) is a generalization of PCA to contingency tables. The factors of correspondence analysis give an orthogonal decomposi:ion of the Chi- square associated
Two students are sitting in a lecture and considering whether to ask a question from the professor (both of them are considering the same question). If they both ask, the questi
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The total number of overtime hours (in 1000s) worked in a large steel mill was recorded for 16 quarters, as shown below. Year Quarter Overtime hour
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The State Department of Taxation wishes to investigate the effect of experience, x, on the amount of time, y, required to fill out Form ST 1040AVG, the state income-averaging form.
What type of correlation coefficient would you use to examine the relationship between the following variables? Explain why you have selected the correlation coefficients. A. Re
Now, let's look at a different linear combination. Suppose we are interested n comparing the average mean log income for no college education ( 16). 1. Write out the linear com
Bill Clinton reportedly was paid $10 million to write his book My Way. The book took three years to write. In the time he spent writing, Clinton could have been paid to make speech
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