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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:
Investigate the use of fixed and percentile meshes when applying chi squared goodness-of-t hypothesis tests. Apply the oversmoothing procedure to the LRL data. Compare the res
A study was conducted to determine the amount of heat loss for a certain brand of thermal pane window. Three different windows were randomly subjected to each of three different ou
a) List down several measures of central tendency and define the difference among them? b) What do you mean by confidence interval, and why it is useful? What is a confidence lev
Coefficient of Variation The standard deviation discussed above is an absolute measure of dispersion. The corresponding relative measure is known as the coefficient of vari
The box plot displays the diversity of data for the age; the data ranges from 19 being the minimum value and 60 being the maximum value. The box plot is positively skewed at 0.57 a
The data le for this assignment is brain-body-wts.txt, which lists the averages brain weights (gm) and body weights (kg) for a number of animal species. Your task is to t an appr
Type of Correlation 1. Positive and Negative Correlation: 2. Simple Partial and Multiple Correlations. 3. Linear and Non linear or Correlations
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Betting on sporting events is big business both in the US and abroad. Consider, for instance, next winter’s American football tournament known as the Superbowl. Billions of dollars
A rightist incumbent (player I) and a leftist challenger (player C) run for senate. Each candidate chooses among two possible political platforms: Left or Right. The rules of the g
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